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Anne Teak, the financial manager of a furniture manufacturer, is considering operating a lock-bax system, She forecasts that 650 payments a day will be made to lock boxes with an average payment size of $2,000. The bank's charge for operating the lock boxes is $0.40 a check. The interest rate is 0.012% per day. a. If the lock box makes calculations. the cash available 2 days earler, calculate the net daily advantage of the system. (Do not round Intermediate Answer is complete but not entirely correct. 312 b. Is it worthwhile to adopt the system? No c. What minimum reductipn in the time to collect and process each check is needed to justify use of the lock-box system? (Do not round intermediate calculations. Round your answer to 2 decimal places.) in 1.671 days Prex4 of 4Next Anne Teak, the financial manager of a furniture manufacturer, is considering operating a lock-bax system, She forecasts that 650 payments a day will be made to lock boxes with an average payment size of $2,000. The bank's charge for operating the lock boxes is $0.40 a check. The interest rate is 0.012% per day. a. If the lock box makes calculations. the cash available 2 days earler, calculate the net daily advantage of the system. (Do not round Intermediate Answer is complete but not entirely correct. 312 b. Is it worthwhile to adopt the system? No c. What minimum reductipn in the time to collect and process each check is needed to justify use of the lock-box system? (Do not round intermediate calculations. Round your answer to 2 decimal places.) in 1.671 days Prex4 of 4Next

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