How Much Money Can Be Saved Annually by Setting Up

question 24

Multiple Choice

How much money can be saved annually by setting up a lock-box system that will process 500 checks per day at a cost of $0.15 per check if each check averages $220,collection float is reduced by 3 days,and the annual interest rate is 8%? (Use a 365-day year.)

• A) −$2,125
• B) −$975
• C) $2,650
• D) $26,325

---

Definitions:

Ethical Research

The practice of conducting studies and experiments in accordance with established moral principles that protect participants.

Lifespan Development

Lifespan development is the field of study that examines patterns of growth, change, and stability in behavior that occur throughout the entire lifespan.

Growth

The process of increasing in size, maturation, or development in organisms, often referring to physical, emotional, or intellectual development.

Stability

The quality of being resistant to change and maintaining a steady state across time or situations.