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:

Quota Sampling

A sampling method that involves gathering representative data from a group, ensuring that subgroups (quotas) are represented proportionally to their presence in the population.

Respondents

Individuals who answer or reply to questions, especially in the context of surveys or research.

Generations

Groups of individuals categorically divided based on their birth years, sharing similar social, cultural, political, and economic influences.

Big Data

Large volumes of data that can be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.