You are considering implementing a lockbox system for your firm. The system is expected to reduce the collection time by 3 days. On an average day, your firm receives 1,170 checks with an average value of $480 each. The daily interest rate on Treasury bills is .05 percent. The bank charge per check would be $.70 What is the net present value of this lockbox arrangement?

$83,070

$46,800

$43,290

$44,190

$45,630