Business, 31.07.2019 18:20 salihanegawo
Acalifornia firm is planning to use a lockbox system to speed up collections from its customers located on the east coast. a philadelphia-area bank will provide this service for an annual fee of $6500 plus 10 cents per transaction. the estimated reduction in collection and processing time is one day. if the average customer payment in this region is $2900, how many customers each day, on average, are needed to make the system profitable for the firm? the firm can invest in treasury bills, currently yielding 4% per year, and there are 365 days per year.
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