You Are Considering Implementing a Lockbox System for Your Firm

question 55

Multiple Choice

You are considering implementing a lockbox system for your firm.The system is expected to reduce the average collection time by 1.2 days.On an average day,your firm receives 320 checks with an average value of $99 each.The daily interest rate on Treasury bills is 0.014 percent.What is the anticipated amount of the daily savings if this system is implemented?

• A)$2.61
• B)$3.29
• C)$4.45
• D)$5.32
• E)$5.78

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Definitions:

Private Property

A legal designation for the ownership of property by non-governmental legal entities.

Gender Equality

The state in which access to rights or opportunities is unaffected by gender, promoting fairness among genders.

Marxist

Pertaining to the theories and practices derived from the work of Karl Marx, often focusing on class struggle and the critique of capitalism.

Strange Situation

A procedure developed in psychology to assess patterns of attachment in young children to their caregivers.