What will be the annual net savings

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Reference no: EM131308625

No more book Corp has an agreement with floyd bank where by handle $2.9 million in collections a day and require a $350,000 compensating balance. No more Books is contemplating canceling the agreement and dividing it eastern region so that two other banks will handle its business. Bank A and Bank B will handle $1.45 million of collections a day and each requires a compensating balance of $190,000. No more Books financial management expects that collections will be accelerated by 1 day if the eastern region is divided. Should the company proceed with the new system? What will be the annual net savings? Assume that the T-bill is 5 percent annually?

Reference no: EM131308625

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