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Martin Inc. is negotiating with the bank for a lockbox system that is expected to reduce check collection time by 4 days. Martin's average check
Martin Inc. is negotiating with the bank for a lockbox system that is expected to reduce check collection time by 4 days. Martin's average check size is $1,200 and any funds freed up by the new system will be invested in a money market account that is currently paying 2.5% annually. What is the most Martin should be willing to pay the bank for the lockbox service, assuming the bank charges a per-check processing fee
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