How Much Money Can Be Saved Annually by Setting Up

question 85

Multiple Choice

How much money can be saved annually by setting up a lock-box system that will process 500 cheques per day at a cost of $0.20 per cheque if each cheque averages $220, collection float is reduced by three days, and the annual interest rate is 8 percent?

• A)($27,700)
• B)($10,100)
• C)$10,000
• D)$16,400 reduced collection float:
• = 500 cheques daily x $220 per cheque x 3 days
• = $330,000
• Daily return = $330,000 x .08/365 = $72.33
• Daily bank charges = 500 x $0.20 = $100,000

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