Shermans sherbet currently takes about 10 days to collect, Finance Basics

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Shermans sherbet currently takes about 10 days to collect

Sherman's Sherbet currently takes about 10 days to collect and deposit checks from customers. A lock-box system could reduce this time to 6 days. Collections average $35,000 daily. The interest rate is .02% per day.

a. By how much will the lock-box system reduce float?

b. What is the daily interest savings of the system?

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Finance Basics: Shermans sherbet currently takes about 10 days to collect

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Finance Basics: Shermans sherbet currently takes about 10 days to collect

Reference No:- TGS0599732

Have a Question? (oR Write a Review)

Recent Questions Asked Finance Basics

Q : A causal lti system has the difference equation

Q : The manager notes that only the 33000 payment of the 27th

Q : Abc inchas a bond outstanding which pays 8 coupon

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Q : Shermans sherbet currently takes about 10 days to collect

Q : What observations were puzzling at first that challenged

Q : Nitrogen gas may react with hydrogen gas to form hydrazine

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Request for Solution File

Ask an Expert for Answer!!

Finance Basics: Shermans sherbet currently takes about 10 days to collect

Reference No:- TGS0599732

Recent Questions Asked Finance Basics

Q : A causal lti system has the difference equation

Q : The manager notes that only the 33000 payment of the 27th

Q : Abc inchas a bond outstanding which pays 8 coupon

Q : Calculate the standard deviation of expected returns x for

Q : Shermans sherbet currently takes about 10 days to collect

Q : What observations were puzzling at first that challenged

Q : Nitrogen gas may react with hydrogen gas to form hydrazine

Q : A 15 m3-volume tank holds oxygen gas m 32 gmole at the

Q : A simple pendulum consists of a 4kg mass attached to a 3m

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