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Shark Bait Rafts (SBR) would like to set up a lock box collection system that would reduce its collection float by five days. SBR receives

Shark Bait Rafts (SBR) would like to set up a lock box collection system that would reduce its collection float by five days. SBR receives an average of $1,320 in payments per day. If its opportunity cost is 12 percent, how much should SBR be willing to pay each month for the lockbox system? Assume annual compounding. Round your answer to the nearest cent.

$

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