(Answered) Booeymongers expects to have 13168899 in credit sales

Economics

Booeymongers expects to have $13168899 in credit sales during the coming year. Currently, all checks are sent to the home office. A proposed lockbox system can eliminate 1 day(s) of float, releasing funds which, when invested, will earn 11.96 percent per year. What annual savings can Booeymongers expect if this system is implemented? Use a 365-day year.

Round the answer to two decimal places.

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