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Blossom Corporation has daily sales of $146,000. The financial manager at the firm has determined that a lockbox would reduce collection time by 2.5 days.
Blossom Corporation has daily sales of $146,000. The financial manager at the firm has determined that a lockbox would reduce collection time by 2.5 days. Assuming the company can earn 6.5 percent interest per year, what are the potential annual savings from the lockbox? (Round answer to the nearest whole dollar, e.g. 5,275.)
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