What Are the Expected Annual Savings from a Lock-Box System

question 53

Multiple Choice

What are the expected annual savings from a lock-box system that collects 150 cheques per day averaging $500 each, and reduces mailing and processing times by 2.5 and 1.5 days respectively, if the annual interest rate is 7 percent?

• A)$5,250
• B)$13,125
• C)$21,000
• D)$300,000

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Definitions:

Base Class

A class in object-oriented programming that provides basic attributes and methods from which other classes can inherit, also known as a superclass.

Abstract Class

An abstract class in Java is a class that cannot be instantiated on its own and can contain abstract methods, meant to be extended by subclasses.

Methods

Functions associated with objects in object-oriented programming, used to operate on the data contained within the object.

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