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| CMR is a retail mail order firm currently using a central collection system that requires all checks to be sent to its Boston headquarters. An average of 5 days is required for mailed checks to be received, 4?days for CMR to process them, and 1?1/2 days for the checks to clear through the bank. A proposed lockbox system would reduce the mail and process time to 3 days and the check clearing time to 1 day. CMR has an average daily collection of $100,000. If CMR should adopt the lockbox system, its average cash balance would increase by A. $250,000 B. $400,000 C. $650,000 D. $800,000 |