Fundamentals of Corporate Finance
Fundamentals of Corporate Finance
11th Edition
ISBN: 9780077861704
Author: Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Bradford D Jordan Professor
Publisher: McGraw-Hill Education
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Chapter 19, Problem 12QP

Calculating Transactions Required [LO2] Cow Chips, Inc., a large fertilizer distributor based in California, is planning to use a lockbox system to speed up collections from its customers located on the East Coast. A Philadelphia-area bank will provide this service for an annual fee of $7,500 plus 10 cents per transaction. The estimated reduction in collection and processing time is one day. If the average customer payment in this region is $4,100, how many customers each day, on average, are needed to make the system profitable for Cow Chips? Treasury bills are currently yielding 4 percent per year, and there are 365 days per year.

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Fundamentals of Corporate Finance

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