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Boxes with an average payment size

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Anne Teak, the financial manager of a furniture manufacturer, is considering operating a lock-box system. She forecasts that 900 payments a day will be made to lock boxes with an average payment size of $2,500. The bank's charge for operating the lock boxes is $0.40 a check. The interest rate is 0.015% per day.

Reference no: EM132510067

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