Waiting for answer This question has not been answered yet. You can hire a professional tutor to get the answer.
QUESTION
8A (Lock-box system, cost of trade credit)
8A (Lock-box system, cost of trade credit)
Question 1
Aqua System Inc. expects to have $25,623,100 in credit sales during the coming year. Currently all checks are sent to the home office. A proposed lockbox system can eliminate 4 days of float, releasing funds which, when invested, will earn 5.79 percent per year. What annual savings can Aqua System expect if the system is implemented? Use a 365-day year. Round the answer to two decimal places.
