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Determine the net cash flow per day from adopting the system

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Question - Burke Corporation is investigating a lockbox system to reduce its collection time. It has determined that on average, there are 900 payments with an average value of $425 each. If a lockbox system is implemented, the lockbox fee per transaction will be $0.15. If the collection time can be reduced by 4 days, and the daily interest on money market securities is.02%, then determine the net cash flow per day from adopting the system.

a. $172  

b. $170  

c. $173  

d. $174  

e. $171

Reference no: EM133075971

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