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Your firm has an average receipt size of $500 for each check. A bank has approached you concerning two lockboxes that will decrease your collection

Your firm has an average receipt size of $500 for each check. A bank has approached you concerning two lockboxes that will decrease your collection time by three days. you typically receive 3000 checks for each lockbox per day. the daily interest rate on t bills is 0.01%. If the bank charges a fee of $0.08 to process each check and $15 to wire the funds per day. what is the NVP of the lockbox project? should the lockbox project be accepted?

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