You Are Considering Implementing a Lockbox System for Your fiRm

question 140

Multiple Choice

You are considering implementing a lockbox system for your firm. The system is expected to reduce the collection time by 3 days. On an average day, your firm receives 680 cheques with an average
Value of $99 each. The daily interest rate on Treasury bills is .0125 percent. The bank charge per
Cheque would be $.15. What is the anticipated daily savings if this system is implemented?

• A) $23.18
• B) $24.07
• C) $25.25
• D) $25.92
• E) $26.03

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Definitions:

File Drawer

The phenomenon where only positive study results are published, while negative or inconclusive findings are "hidden" in a researcher's file drawer.

Genus

A class or group of entities that share common characteristics, often used in the classification of organisms.

Species

A basic rank of biological classification that involves groups of individuals capable of interbreeding to produce fertile offspring.

Genus

In taxonomy and logic, genus refers to a class or group of entities that share common characteristics, serving as a higher-level category under which species fall.