3 Problem 19-05 NPV and Collection Time (LO2) 0 noints eBook Your firm has an average receipt size of $170. A bank has approached you concerning a lockbox service that will decrease your total collection time by one day. You typically receive 5,500 checks per day. The daily interest rate is .017 percent. The bank charges a lockbox fee of $130 per day. a. What is the NPV of accepting the lockbox agreement? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What would the net annual savings be if the service were adopted? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g. 32.16.) Hint Print References a. $ 170,294.12 NPV b. Net annual savings