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What will the firm raw savings

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Question - Lockbox: Porter Corp. has just signed up for a lockbox. Management expects the lockbox to reduce the mail float by 2.3 days. The firm's remittances average $41,250 a day, with the average check being $165. The bank charges $0.39 per processed check. Assume that there are 270 business days in a year and their opportunity cost of funds is 5 percent. What will the firm's raw savings (not net savings) be from using the lockbox?

a. $4,743.75

b. $975.50

c. $2,632.50

d. $94,875.00

Reference no: EM132963735

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