The Stetson Co

question 229

Multiple Choice

The Stetson Co. receives an average of 340 checks a day. The average amount per check is $750. The firm is considering a lockbox system which it anticipates will reduce the average collection time by 2 days. The bank charges $.15 a check for this service. The daily interest rate on Treasury bills is.006 %. What is the average daily cost of the lockbox system?

• A) $13.50
• B) $27.00
• C) $51.00
• D) $112.50
• E) $229.50

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Definitions:

Population Pyramids

Graphical illustrations that show the distribution of various age groups in a population, typically with males on one side and females on the other.

Age Cohorts

Groups of people categorized according to their age, often used in studies to understand how different generations behave and believe.

Emotional Expression

The process by which people outwardly convey their emotions through facial expressions, gestures, vocal tones, and other forms of nonverbal communication.

Gesture

A movement of the body or limbs that expresses or emphasizes an idea, sentiment, or attitude.