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You are considering implementing a lockbox system for your firm. The system is expected to reduce the average collection time by 3 days. On an

You are considering implementing a lockbox system for your firm. The system is expected to reduce the average collection time by 3 days. On an average day, your firm receives 430 checks with an average value of $91 each. The daily interest rate on Treasury bills is 0.015 percent. What is the anticipated amount of the daily savings if this system is implemented

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