BHK Corporation receives an average of 260 checks a day with an average value of $500 each. The firm is considering a lockbox system which is expected to reduce the average collection time by 1.2 days. The bank charges $0.23 a check for this service. The daily interest rate on Treasury bills is 0.021 percent. * a. What is the amount of the expected daily savings of the lockbox system? (5 marks) b. What is the anticipated daily cost of the lockbox system?(5 marks) c. What is the net present value of this lockbox arrangement?(5 marks) le e d BHK Corporation receives an average of 260 checks a day with an average value of $500 each. The firm is considering a lockbox system which is expected to reduce the average collection time by 1.2 days. The bank charges $0.23 a check for this service. The daily interest rate on Treasury bills is 0.021 percent. * a. What is the amount of the expected daily savings of the lockbox system? (5 marks) b. What is the anticipated daily cost of the lockbox system?(5 marks) c. What is the net present value of this lockbox arrangement?(5 marks) le e d