Milligan Products’ bank offered to reduce the collection time on the company’s deposits by 2 days. Milligan has daily cash receipts of $25,400. The bank wants to charge a monthly fee for the collection time reduction of $80. Money market rates are expected to average 2.1% during the year. How much is Milligan’s net benefit or cost for the year if it undertakes this offer? (Round the answer to the nearest whole dollar.)
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Milligan Products’ bank offered to reduce the collection time on the company’s deposits by 2 days. M...
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