Anne Teak, the financial manager of a furniture manufacturer, is considering operating a lockbox system. She forecasts that 300 payments a day will be made to lockboxes with an average payment size of $1,500. The bank's charge for operating the lockboxes is $0.40 a check. Assume an interest rate of 9% and a 365 -day year. What reduction in the time to collect and process each check is needed to justify use of the lockbox system? Note: Use cells A5 to B10 from the given information to complete this question. Round your answer to 2 decimal places. Students: The scrotchpad area is for you to do any additional work you need to solve this question or can be used to show your work. Nothing in this area will be greded, but it will be submited withyour assignment