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What are the expected annual savings from a lock-box system

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Problem 1: What are the expected annual savings from a lock-box system that collects 150 cheques per day averaging $500 each, and reduces mailing and processing times by 2.5 and 1.5 days respectively, if the annual interest rate is 7 percent?

Option 1: $5,250
Option 2: $13,125
Option 3: $21,000
Option 4: $300,000

Reference no: EM132965171

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