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What will the annual savings be

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Provide detailed descriptions and show all calculations used to arrive at solutions for the following questions:

Question 1: Community Hospital has annual net patient revenues of $150 million. At the present time, payments received by the hospital are not deposited for six days on average. The hospital is exploring a lockbox arrangement that promises to cut the six days to one day. If these funds released by the lockbox arrangement can be invested at 8 percent, what will the annual savings be? Assume the bank fee will be $2,000 per month.

 

Reference no: EM132483710

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