Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Aqua Systems Inc expects to have $15,576,675 in credit sales during the coming year. Currently all checks are sent to the home office. A proposed
Aqua Systems Inc expects to have $15,576,675 in credit sales during the coming year. Currently all checks are sent to the home office. A proposed lock box system can eliminate 4 days of float, releasing funds which, when invested, will earn 8.07 percent per year. What annual savings can Aqua Systems expect if the system is implemented? Use a 365 day year. Round the answer to two decimal places.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started