You Are Considering Implementing a Lockbox System for Your Firm

question 123

Multiple Choice

You are considering implementing a lockbox system for your firm. The system is expected to reduce the collection time by 2 days. On an average day, your firm receives 460 cheques with an average value of $350 each. The daily interest rate on Treasury bills is.01 %. The bank charge per cheque would be $.20. What is the anticipated daily cost of the lockbox system?

• A) $16.10
• B) $92.00
• C) $108.10
• D) $123.60
• E) $161.00

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Definitions:

Autonomic Features

Characteristics or traits controlled by the autonomic nervous system, responsible for regulating involuntary bodily functions like heart rate and digestion.

Grand Mal

A type of seizure that involves a loss of consciousness and violent muscle contractions, also known as a tonic-clonic seizure.

NMDA Receptors

Specialized protein receptors in the brain that play a key role in synaptic plasticity and memory formation.

GABA Receptors

Protein sites on neurons that bind to GABA (gamma-aminobutyric acid), a major inhibitory neurotransmitter in the brain, influencing brain activity.