7. Garima Detergents has discovered that it takes about 10 days to collect the funds for use in the company once the cheques are received from the customers. The company's annual turnover is 9.70 crore. How much funds can be freed if the company could reduce the collection time from 10 days to 8 days? If the freed funds could be used to reduce bank borrowings which costs 18 per cent per annum, what would be the net savings to the company? Assume a 360-day year and 35 per cent corporate tax rate.