You Are Considering Implementing a Lockbox System for Your Firm

question 42

Multiple Choice

You are considering implementing a lockbox system for your firm.The system is expected to reduce the average collection time by 1.3 days.On an average day,your firm receives 136 checks with an average value of $219 each.The daily interest rate on Treasury bills is 0.021 percent.The bank charge per check is $0.26.What is the anticipated daily cost of the lockbox system?

• A)$3.48
• B)$6.25
• C)$12.60
• D)$35.36
• E)$36.17

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Definitions:

Retinal Image

The projection of visual stimuli onto the retina, where light is converted into neural signals sent to the brain.

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A technique in art and photography that creates the illusion of depth and distance on a flat surface by converging parallel lines towards a single vanishing point.

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