DATA INPUTS
	NY Bank	BC Bank
Rate on money market investments	3.02%	3.02%
Average Customer payment	$4,578	$4,578
Average number of payments per day	51	51
Annual fee	$8,500	$17,850
Cost per transaction	$0.54	$0.35
Reduction in collection time	2	4
The questions that the CEO needs you to answer are as follows:			NY Bank	BC Bank
(a) What is the Net Present Value (NPV) of each of the new lockbox system proposals (including the annual fixed charge)? (Round to the nearest whole dollar)
(b) How many average payments per day are needed to make each of the lockbox systems break-even?
(c) Which is the Preferred Lockbox System for Global Manufacturing, Inc.? NY or BC
(d) How much of a reduction in accounts receivable should Global expect from the Preferred Lockbox System if implemented in 2021? (Round to the nearest whole dollar)

Please show how you solved it with the formula's.