A company sells to customers all over the country all receipts come into its headquarters. They hope that setting up a regional lockbox system will speed up collections. Their average accounts receivable balance is $2.5 million, financed by a bank loan at an 11% annual interest rate. If this new lockbox system reduces receivables by 20% and the annual cost of the system is $15,000, how much would be saved on an annual basis? Select one: O a. $29,160 O b. $32,400 O c. $36,000 O d. $40,000 O e. $44,000