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What is the monthly total cost for your firm current cash

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Question - Your firm receives an average of 775.66 remittances per month with an average face value of $10,000. The current collection system consists of customers remitting directly to company headquarters. The average mail delay is 3 days. The typical remittance remains at headquarters for 2 days. You are informed that the average deposit is available in 2 days. Assume that the opportunity investment rate is 5% and that it costs your firm $0.10 to process each check. What is the monthly total cost for your firm's current cash collection system?

Reference no: EM133162702

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