How much money can be saved annually by setting up a lock-box system that will process 500 checks per day at a cost of $0.15 per check if each check averages $220, collection float is reduced by 3 days, and the annual interest rate is 8%? (Use a 365-day year.)
A. ?$2,125
B. $26,325
C. $2,650
D. ?$975
Answer: D
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