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Aqua System Inc. expects to have $4,543,356 in credit sales during the coming year. Currently all checks are sent to the home office. A proposed

Aqua System Inc. expects to have $4,543,356 in credit sales during the coming year. Currently all checks are sent to the home office. A proposed lockbox system can eliminate 3 days of float, releasing funds which, when invested, will earn 5.19 percent per year. What annual savings can Aqua System expect if the system is implemented? Use a 365-day year.

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