International Shoppes receives an average of 711 checks a day with an average amount per check of $199. The firm is considering a lockbox system to...

International Shoppes receives an average of 711 checks a day with an average amount per check of $199. The firm is considering a lockbox system to reduce the average collection time by 2.3 days. The bank charges $.24 a check while the daily interest rate on Treasury bills is .007 percent. What is the net present value of this lockbox arrangement?