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What would the net annual savings be

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Question - Your firm has an average receipt size of $ 119. A bank has approached you concerning a lockbox service that will decrease your total collection time by two days. You typically receive 5,650 checks per day. The daily interest rate is 0.015 percent. If the bank charges a fee of $160 per day, should the lockbox project be accepted? What would the net annual savings be if the service were adopted?

Reference no: EM133090649

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