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ABC corporation receives an average of 350 checks a day. The average amount per check is $769. The firm is considering a lockbox system which

ABC corporation receives an average of 350 checks a day. The average amount per check is $769. The firm is considering a lockbox system which it anticipates will reduce the average collection time by 1.2 days.They daily interest rate on treasury bills is .010 percent. What is the amount of the expected daily savings of the lockbox system?

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