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Aqua System Inc. expects to have $9751249 in credit sales during the coming year. Currently...

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Finance

Aqua System Inc. expects to have $9751249 in credit sales during the coming year. Currently all checks are sent to the home office. A proposed lockbox system can eliminate 2 days of float, releasing funds which, when invested, will earn 12.20 percent per year. What annual savings can aqua system expect if the system is implemented? Use a 365-day year.

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