Question: . How much money can be saved annually by setting up a lock-box system that will process 500 checks per day at a cost of

. How much money can be saved annually by setting up a lock-box system that will process 500 checks per day at a cost of $0.15 per check if each check averages $220, collection float is reduced by 3 days, and the annual interest rate is 8%? (Use a 365-day year.)

Answer: $975 Please show work!!

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