Rogers distributors receives an average of 216 checks a, Ask an Expert

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Roger's Distributors receives an average of 216 checks a day. The average amount per check is $629. The firm is considering a lockbox system which it anticipates will reduce the average collection time by 1.5 days. The daily interest rate on Treasury bills is 0.011% (not 1.1%). What is the amount of the expected daily savings of the lockbox system?

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Business Management, Management Studies

Category:- Business Management
Reference No.:- M9108973

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