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South Ridge Retailers receives an average of 3 cheques per day. The average amount per cheque is $15,460. The firm is considering a new processing

South Ridge Retailers receives an average of 3 cheques per day. The average amount per cheque is $15,460. The firm is considering a new processing system that will reduce the average collection time by 7 days. The daily interest rate is .015 percent. What is the expected daily savings of the new system? Ignore the time value of money for this question.

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