You are considering implementing a lockbox system for your firm. The system is expected to reduce the collection time by 4 days. On an average day, your firm receives 1,360 checks with an average value of $550 each. The daily interest rate on Treasury bills is .04 percent. The bank charge per check would be $.86 What is the net present value of this lockbox arrangement?

$62,560

$64,440

$66,640

$118,320