What annual savings can bloomies expect

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Question: Bloomies expects to have $11739064 in credit sales during the coming year. Currently, all checks are sent to the home office. A proposed lockbox system can eliminate 4 day(s) of float, releasing funds which, when invested, will earn 10.77 percent per year. What annual savings can Bloomies expect if this system is implemented? Use a 365-day year.

Reference no: EM131947155

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