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What annual savings can ford expect

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Ford expects to have $14843656 in credit sales during the coming year. Currently, all checks are sent to the home office. A proposed lockbox system can eliminate 3 day(s) of float, releasing funds which, when invested, will earn 8.39 percent per year. What annual savings can Ford expect if this system is implemented? Use a 365-day year. Round the answer to two decimal places.

Reference no: EM131493286

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