You Are Considering Implementing a Lockbox System for Your fiRm

question 4

Multiple Choice

You are considering implementing a lockbox system for your firm. The system is expected to reduce the collection time by 1.5 days. On an average day, your firm receives 250 checks with an average
Value of $400 each. The daily interest rate on Treasury bills is .02 percent. What is the anticipated
Amount of the daily savings if this system is implemented?

• A) $10
• B) $15
• C) $20
• D) $25
• E) $30

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