Wilson Publishers is considering implementing a lockbox system that is expected to reduce average collection time by 2.5 days. On an average day, the company receives 1,327 checks with an average value of $49 each. The daily interest rate on Treasury bills is .011 percent. What is the anticipated amount of the daily savings if this system is implemented?
A) $2.48
B) $13.29
C) $14.45
D) $17.88
E) $15.78
Correct Answer:
Verified
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