2.99 See Answer

Question: Your firm has an average receipt size


Your firm has an average receipt size of $135. A bank has approached you concerning a lockbox service that will decrease your total collection time by two days. You typically receive 4,900 checks per day. The daily interest rate is .016 percent. If the bank charges a fee of $185 per day, should the lockbox project be accepted? What would the net annual savings be if the service were adopted?


2.99

See Answer