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Answer (B) is correct . The annual benefit from using the lockbox system is the excess of interest earned on the early deposits over the cost of the service. If the plan is adopted, the firm’s average cash balance will increase by $2,000,000 ($20,000 average payment × 50 per day × 2 days). The annual variable cost will be $9,125 ($.50 per payment × 50 per day × 365 days). Benefit (loss) = Interest earned – Cost = ($2,000,000 × 6%) – ($50,000 + $9,125) = $120,000 – $59,125 = $60,875

Answer (A) is incorrect because The annual lockbox cost is $59,125.
Answer (C) is incorrect because The annual fixed fee is $50,000.
Answer (D) is incorrect because The annual savings without regard to costs is $120,000.