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What annual savings can aqua system expect

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Problem 1: Aqua System Inc. expects to have $12,243,384 in credit sales during the coming year. Currently all checks are sent to the home office. A proposed lockbox system can eliminate 5 days of float, releasing funds which, when invested, will earn 12.28 percent per year. What annual savings can Aqua System expect if the system is implemented? Use a 365-day year.

Reference no: EM132775637

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