Question
Crane Design has daily sales of $56,000. The financial management team has determined that a lockbox would reduce the collection time by 1.1 days. Assuming
Crane Design has daily sales of $56,000. The financial management team has determined that a lockbox would reduce the collection time by 1.1 days. Assuming the company can earn 5.2 percent interest per year, what are the savings from the lockbox? (Round answer to 2 decimal places, e.g. 12.25.)
| Savings from the lockbox | $____per year |
Ch14.
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Money Banking And Financial Markets
Authors: Stephen G. Cecchetti
2nd International Edition
0071287728, 9780071287722
