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Should mr chan avail of the special processing system

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Question - Bucky Veterinary Supply receives an average of P4,000,000 million payment by checks annually. The owner, Mr. Doggie Chan plans to avail of a special processing system offered by a local bank that caters the business's check encashments of 2,000 checks which costs P0.15 per check. Mr. Chan projects that lessening the waiting time for checks to be converted to cash would result to available cash for investment,earning 5%. Should Mr. Chan avail of the special processing system? Justify your answer with the necessary computations.

Reference no: EM133064760

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