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Category > Business & Finance Posted 11 May 2017 My Price 10.00

Lock B o x es. Anne Teak, the financial manager

Lock B o x es. Anne Teak, the financial manager of a furniture manufacturer, is considering operating a lock-box system. She forecasts that 300 payments a day will be made to lock boxes with an average payment size of $1,500. The bank’s charge for operating the lock boxes is $.40 a check. The interest rate is .015 percent per day.

 

a. If the lock box saves 2 days in collection float, is it worthwhile to adopt the system?

b. What minimum reduction in the time to collect and process each check is needed to jus- tify use of the lock-box system?

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Status NEW Posted 11 May 2017 01:05 PM My Price 10.00

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