B&C Co. has an average receipt size of $148. A bank has approached the firm concerning a lockbox service that will decrease average total collection time by 1.6 days. The firm typically receives 8,600 checks per day. The daily interest rate is .014 percent. What is the NPV of the lockbox project if the bank charges a fee of $150 per day? 1.$965,051.43

2.$867,508.14

3.$923,013.33

4.$912,500.00

5.$968,497.28