Paper Submarine Manufacturing Is Investigating a Lockbox System to Reduce

Paper Submarine Manufacturing is investigating a lockbox system to reduce its collection time.It has determined the following: $$\begin{array} { l l } \text { Average number of payments per day } & 300 \\\text { Average value of payment } & \$ 3,200 \\\text { Variable lockbox fees (per transaction) } & \$ 0.75 \\\text { Daily interest rate on money market securities } & 0.02 \text { percent }\end{array}$$ The total collection time will be reduced by 2 days if the lockbox system is adopted.What is the NPV of adopting the lockbox system?

A) $600,000
B) $675,000
C) $695,000
D) $745,000
E) $795,000