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Category > Business & Finance Posted 14 Aug 2017 My Price 6.00

20-4) Anne Teak, the financial manager of a furniture manufacturer, is considering operating a lock-box system.

20-4)

 

Anne Teak, the financial manager of a furniture manufacturer, is considering operating a lock-box system. She forecasts that 600 payments a day will be made to lock boxes with an average payment size of $2,000. The bank’s charge for operating the lock boxes is $.40 a check. The interest rate is .013% per day.

 

 

a-1.If the lock box makes the cash available 2 days earlier, calculate the net daily advantage of the system. (Do not round intermediate calculations.)

 

 

  Daily interest saved$   

 

a-2.Is it worthwhile to adopt the system?   YesNo

 

b.What minimum reduction in the time to collect and process each check is needed to justify use of the lock-box system? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

 

 

  Minimum reduction in time days 

Answers

Martinakom
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Status NEW Posted 14 Aug 2017 04:08 PM My Price 6.00

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