2. The Clanton Line Bank is offering your company the use of their lockbox services. They estimate that you can reduce your average mail time by 2 days and they can save you a combined clearing and processing time of 1.5 days by putting the checks into the clearing system sooner. The firm receives 320 checks a day on average written for $3,400. Assume the current T-Bill rate is 3% or 0.0081% per day. a. The net float of a firm is made up of disbursement float and collection float. Discuss the three components of collection float and how they can work against the firm. b. What is the savings float and what can you earn if the firm takes Branton Beach Bank lockbox services? c. If Clanton Line Bank will charge your firm an annual fee of $32,500 and $.225 per check handled, will you accept the offer of lockbox services?