Business, 13.03.2020 01:05 mel4245

4.A California 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

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