It takes Cookie Cutter Modular Homes, Inc., about six days to

receive and deposit checks from customers. The company$$s management

is considering a lockbox system to reduce the firm$$s collection

times. It is expected that the lockbox system will reduce receipt

and deposit times to three days total. Average daily collections

are $$125,000,$ and the required rate of return is $4$ percent per

year. Assume $365$ days per year. a$.$ What is the reduction in

outstanding cash balances as a result of implementing the lockbox

system? b$.$ What is the daily dollar return that could be earned on

these savings? $($Do not round intermediate calculations and round

your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$ c$-1.$ What is the

maximum monthly charge the company should pay for this lockbox

system if the payment is due at the end of the month? $($Do not round

intermediate calculations and round your answer to $2$ decimal

places, e$.$g$.,32\mathrm{.}16.)$ c$-2.$ What is the maximum monthly charge the

company should pay for this lockbox system if the payment is due at

the beginning of the month? $($Do not round intermediate calculations

and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$