Question aqua expects to have 29045840 in credit sales, Ask an Expert

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Question: Aqua expects to have $29045840 in credit sales during the coming year. Currently, all checks are sent to the home office. A proposed lockbox system can eliminate 4 day(s) of float, releasing funds which, when invested, will earn 8.35 percent per year. What annual savings can Aqua expect if this system is implemented? Use a 365-day year. Round the answer to two decimal places.

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