Homework Help: Finance

Posted by Bonnie on Monday, November 20, 2006 at 1:35pm.

If the forecast is 400 payments a day to a lock box with average payment of $2,000 and the bank's charge for operating is $.40 a check and the interest rate is .015 percent a day, what minimum reduction in the time to collect and process each check is needed to justify use of the lock box system?

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