1. Blink Health operates a mail-order pharmaceutical business in Columbus, OH. A lockbox system that consists of ten local depository banks and a concentration bank in Columbus would cost $5,500 per month. Under this system, customers checks would be received at the lockbox locations one day after they are mailed, and the daily total would be wired to the concentration bank at a cost of $8.75 each. Assume that there are 250 working days and hence 250 transfers from each lockbox location per year. What is the annual cost of operating the lockbox system?

   	a.	$81,875
   	b.	$91,975
   	c.	$101,975
   	d.	$87,875
   	e.	$103,350