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| Newman Products has received proposals from several banks to establish a lockbox system to speed up receipts. Newman receives an average of 700 checks per day averaging $1,800 each, and its cost of short-term funds is 7% per year. Assuming that all proposals will produce equivalent processing results and using a 360-day year, which one of the following proposals is optimal for Newman? A. A $0.50 fee per check. B. A flat fee of $125,000 per year. C. A compensating balance of $1,750,000. D. A fee of 0.03% of the amount collected. |