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1、Chapter7Problems1.CityFarmInsurancehascollectioncentersacrossthecountrytospeedupcollections.Thecompanyalsomakesitsdisbursementsfromremotedisbursementcenters.Thecollectiontimehasbeenreducedbytwodaysanddisbursementtimeincreasedbyonedaybecauseof thesepolicies.Excessfundsarebei
2、nginvestedinshort-terminstrumentsyielding12 percentperannum.a.IfCityFarmhas$5millionperdayincollectionsand$3millionperdayindisbursements,howmanydollarshasthecashmanagementsystemfreedup?b.HowmuchcanCityFarmearnindollarsperyearonshort-terminvestmentsmadepossiblebythefreed-upc
3、ash?7-1.Solution:CityFarmInsurancea.$5,000,000dailycollections×2.0daysspeedup=$10,000,000additionalcollections$3,000,000dailydisbursements×1.0daysslowdown=$3,000,000delayeddisbursements$13,000,000freed-upfundsb.S7-272.NicholasBirdcageCompanyofHollywoodshipscagesthroughoutth
4、ecountry.Nicholashasdeterminedthatthroughtheestablishmentoflocalcollectioncentersaroundthecountry,hecanspeedupthecollectionofpaymentsbyoneandone-halfdays.Furthermore,thecashmanagementdepartmentofhisbankhasindicatedtohimthathecandeferhispaymentsonhisaccountsbyone-halfdaywith
5、outaffectingsuppliers.ThebankhasaremotedisbursementcenterinFlorida.a.Ifthecompanyhas$4millionperdayincollectionsand$2millionperdayindisbursements,howmanydollarswillthecashmanagementsystemfreeup?b.Ifthecompanycanearn9percentperannumonfreed-upfunds,howmuchwilltheincomebe?c.If
6、theannualcostofthenewsystemis$700,000,shoulditbeimplemented?7-2.Solution:NicholasBirdcageCompanyofHollywooda.$4,000,000dailycollections×1.5daysspeedup=$6,000,000additionalcollections$2,000,000dailydisbursements×.5daysslowdown=$1,000,000delayeddisbursements$7,000,000freed-up
7、fundsb.c.No.Theannualincomeof$630,000is$70,000lessthantheannualcostof$700,000forthenewsystem.S7-273.MegahurtzInternationalCarRentalshasrent-a-caroutletsthroughouttheworld.Italsokeepsfundsfortransactionspurposesinmanyforeigncountries.Assumein2003,itheld100,000realsinBrazilwo
8、rth35,000dollars.Itdrew12percentinterest,buttheBrazilianrealdeclined20percentagain
