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Fast Bucks Inc. has offered to set up a concentration banking system that will save three days of mail float and one day of presentation

Fast Bucks Inc. has offered to set up a concentration banking system that will save three days of mail float and one day of presentation float. Your receivables average $20,000 per day and the opportunity cost of funds is 6 percent. How much would you be willing to pay Fast Bucks annually to administer the system perpetually? Multiple Choice

$2,400

$4,800

$40,000

$80,000

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