The Mesa Bank is offering your company the use of their loclbox services. they estimate that you can reduce your average mail time by 2 days and they can sava ypu a combined clearing and processing time of 1.5 days by butting the checks into the clearing system sooner. the firm recives 320 checks a day on average written for $2,500. the current T-Bill rate is 4% or .0107% per day.
-Refer to the above scenario.What is the savings float and what can you earn if the firm takes Mesa's lockbox service?
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