A lockbox system will cost $.42 per check and reduce the average collection time by 1.4 days for a company that receives 164 checks per day with an average value of $219 per check. The daily interest rate on Treasury bills is .011 percent. What is the anticipated daily cost of the lockbox system?
A) $96.43
B) $9.25
C) $23.23
D) $68.88
E) $57.81
Correct Answer:
Verified
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