The Fast Reader Company supplies bulletin board services to numerous hotel chains nationwide. The owner of the firm is investigating the benefit of employing a billing firm to do her billing and collections. Because the billing firm specializes in theseservices, collection float will be reduced by 23

days. Average daily collections are $1,200,

and the owner can earn 9%

annually(expressed as an APR with monthlycompounding) on her investments. If the billing firm charges $275

permonth, should the owner employ the billingfirm?

The benefits are %