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1. (Lock Box Systems) Suppose you are thinking of opening a lock box: On average, you receive 120 payments per daily with an average size

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1. (Lock Box Systems) Suppose you are thinking of opening a lock box: On average, you receive 120 payments per daily with an average size of $1,500. Interest rate per day is 0.01%. Having a lock box will save you 1.5 days in mailing time and 0.8 days in processing time. If the bank charges $0.25 per cheque mailed to the lock box. Is it worthwhile to open one? Explain

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