It takes Cookie Cutter Modular Homes, Incorporated, 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

$$135,000,$ and the required rate of return is $6$ 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$.,32\mathrm{.}16.)$