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How much is the net annual benefit of this bank

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Question - Theta Corporation receives checks from its customers. The total check value averages P700,000 each day. It takes an average of 5 days from deposit for these to clear the bank. If the bank offers to accelerate the 5-day clearing process to 3 days for a monthly fee of P600. If theta can earn 4% investment income from excess cash, how much is the net annual benefit (cost) of this bank?

Reference no: EM133125777

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