You Are Considering Opening a Lockbox

question 23

Essay

You are considering opening a lockbox.Calculate the net benefit of the lockbox per day given the information provided.
$$\begin{array}{l}\begin{array} { | l | r | } \hline\text { Data: }\\\hline \text { Average number of daily payments to lockbox } & 150 \\\hline \text { Average value of payment } & \$ 1,200 \\\hline \text { Rate of interest per day } & 0.02 \% \\\hline \text { Savings in mailing time (days) } & 1.2 \\\hline \text { Savings in processing time (days) } & 0.8 \\\hline \text { Bark charge per cheque } & \$ 0.26 \\\hline\end{array}\end{array}$$

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