Lockbox: Hazel Corp. has just signed up for a lockbox. Management expects the lockbox to reduce the

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Lockbox: Hazel Corp. has just signed up for a lockbox. Management expects the lockbox to reduce the mail float by 2.1 days.

Hazel Corp.’s remittances average $37,000 a day, and the average check is $125. The bank charges $0.37 per processed check. Assume that there are 270 business days in a year. What will the firm’s savings be from using the lockbox if the opportunity cost for these funds is 12 percent?

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