Rosewell International Receives an Average of 268 Checks a Day

Rosewell International receives an average of 268 checks a day with an average amount per check of $780.The firm is considering a lockbox system which it anticipates will reduce the average collection time by 1.4 days.The bank charges $0.21 a check for this service.The daily interest rate on Treasury bills is 0.02 percent.What is the net present value of this lockbox arrangement?

A) -$61,640
B) -$11,256
C) $11,256
D) $30,820
E) $61,640