Dambala Music receives an average of 234 checks a day with an average amount of $463 per check. The installation of a lockbox system would reduce the average collection time by 3.6 days at a cost of $.28 per check. The daily interest rate on Treasury bills is .0028 percent. What is the average daily cost of the lockbox system?

Multiple Choice

• $303.62

• $65.52

• $129.64

• $303.36

• $3.03