You are considering implementing a lockbox system for your firm. The system is expected to reduce the collection time by 3 days. On an average day, your firm receives 680 cheques with an average
Value of $99 each. The daily interest rate on Treasury bills is .0125 percent. The bank charge per
Cheque would be $.15. What is the anticipated daily savings if this system is implemented?
A) $23.18
B) $24.07
C) $25.25
D) $25.92
E) $26.03
Correct Answer:
Verified
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