The Baker Co. receives an average of 230 cheques a day. The average amount per cheque is $1,150. The firm is considering a lockbox system which it anticipates will reduce the average
Collection time by 3 days. The daily interest rate on Treasury bills is .008 percent. What is the
Amount of the expected daily savings of the lockbox system?
A) $4.68
B) $6.35
C) $46.82
D) $63.48
E) $77.78
Correct Answer:
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