If a lock box system that is able to collect 300 cheques per day that average $600 each can reduce processing time by 2 days, what are the annual expected savings if the annual interest rate is 3%? $10,800 $371,134 $180,000 $5,400 CTL Corporation has 30% of its financing in preferred shares. The shares are currently trading at a market price of $55. The book value of the shares is $60, and they pay a dividend of $4.05. CTL's corporate tax rate is 35%. What is the cost of preferred stock to the company? 4.79% 4.39% 6.75% 7.36% Previous Page Next Page Page 2 of 20