The Miller Company has an agreement with the First National Bank by which the bank handles \($4\) million in collections each day and requires a \($500,000\) compensating balance. Miller is contemplating canceling the agreement and dividing its eastern region so that two other banks will handle its business. Banks 1 and 2 will each handle \($2\) million of collections each day, requiring a compensating balance of \($300,000.\) Miller’s financial management expects that collections will be accelerated by one day if the eastern region is divided. The T-bill rate is 7 percent. Should the Miller Company implement the new system? What will the annual net savings be?