P$1513$ LOCKBOX SYSTEM Eagle Industries believes that a lockbox system can shorten its accounts receivable collection period by $3$ days. Credit sales are $$3,240,000$ per year, billed on a continuous basis. The firm has other equally risky investments that earn a return of $15\%.$ The cost of the lockbox system is $$9,000$ per year. $($Note: Assume a $365-$day year.$)$

What amount of cash will be made available for other uses under the lockbox system?

What net benefit $($cost$)$ will the firm realize if it adopts the lockbox system? Should it adopt the proposed lockbox system?