Your firm has an average receipt size of $$85.$ A bank has approached you concerning a lockbox service that will decrease your total collection time by $2$ days. You typically receive $8,900$ checks per day. The daily interest rate is $0\mathrm{.}018$ percent.

If the bank charges a fee of $$210$ per day, what is the NPV of the lockbox project?

What would the net annual savings be if the service were adopted?