show your work please

Centilux Corporation currently receives all customer payments at its headquarters and then send all those checks to its bank for processing. This policy leads to an 8-day payment processing cycle. Centilux is considering asking customers to send their payments directly to a bank lockbox collection system. The new policy would reduce average mailing time for customer payments by 3 days and reduces average check-processing time by 1 day. Annual collections are $547.5 million, and the average number of payments received total 1,500 per day (assume 365 days per year). The bank has agreed to process the payments for an annual fee of $370,000 plus $0.19 per payment received. a) Assuming the company can earn 14% on released funds, what is the net benefit (NPV) of establishing the new policy? [7 points] b) Do you recommend using the lockbox and why? [ 3 points]