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Aqua System Inc. expects to have $9,655,846 in credit sales during the coming year. Currently all checks are sent to the home office.

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Aqua System Inc. expects to have $9,655,846 in credit sales during

the coming year. Currently all checks are sent to the home office. A proposed lockbox system can eiliminate 1 days of float, releasing funds which, when invested, will earn 14.72 percent per year. What annual savings can Aqua System if the system is implemented? Use a 365-day year.

Round the answer to two decimal places.

 
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