The financial manager of JAC Cosmetics is considering opening a lockbox in Pittsburgh. Checks cleared through the lockbox will amount to $12,000 per day. The lockbox will make cash available to the company five days earlier than is currently the case. Suppose that the bank offers to run the lockbox for a $22,800 compensating balance, answer the following: a-1. Calculate the additional available cash generated by the lock-box system. Additional available cash a-2. Is the lockbox worthwhile? O Yes b. Suppose that the bank offers to run the lockbox for a fee of $0.12 per check cleared instead of a compensating balance. Assume an interest rate of 8% per year. What must the average check size be for the fee alternative to be less costly? Use a 365-day year. (Round your answer to the nearest whole number.) Average check size The financial manager of JAC Cosmetics is considering opening a lockbox in Pittsburgh. Checks cleared through the lockbox will amount to $12,000 per day. The lockbox will make cash available to the company five days earlier than is currently the case. Suppose that the bank offers to run the lockbox for a $22,800 compensating balance, answer the following: a-1. Calculate the additional available cash generated by the lock-box system. Additional available cash a-2. Is the lockbox worthwhile? O Yes b. Suppose that the bank offers to run the lockbox for a fee of $0.12 per check cleared instead of a compensating balance. Assume an interest rate of 8% per year. What must the average check size be for the fee alternative to be less costly? Use a 365-day year. (Round your answer to the nearest whole number.) Average check size