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What is the anticipated daily cost of the lockbox system

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You are considering implementing a lockbox system for your firm. The system is expected to reduce the collection time by 2 days. On an average day, your firm receives 460 cheques with an average value of $350 each. The daily interest rate on Treasury bills is .01 percent. The bank charge per cheque would be $.20. What is the anticipated daily cost of the lockbox system?

Reference no: EM133001305

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