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Determining the annual savings-aqua systems inc

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Reference no: EM132510018

Aqua Systems Inc expects to have $15,576,675 in credit sales during the coming year. Currently all checks are sent to the home office. A proposed lock box system can eliminate 4 days of float, releasing funds which, when invested, will earn 8.07 percent per year. What annual savings can Aqua Systems expect if the system is implemented? Use a 365 day year. Round the answer to two decimal places.

Reference no: EM132510018

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