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(Solved) (Latest ver. Aug 2020) - Lock Box

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A company with most of its customers in New York, has decided to consider using a lock box to help improve it's cash flow. The bank has indicated it will be able to reduce the company's collection float by 3 days. Given the following details should the lock box option be used
?Average number of payments per day in new York is 150
?Average value of each payment is $15,000
?Fixed annual lock box fee is $80,000
?Transactional fee for lock box use is $.50 per payment
?Money market Investment has a interest rate of 7.5%


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This question was answered on: Sep 16, 2020

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