12.9

Rosenthal Design has daily sales of $58,000. The financial management team has determined that a lockbox would reduce the collection time by 2.1 days. Assuming the company can earn 7.5 percent interest per year, what are the savings from the lockbox? (Round intermediate calculations to 4 decimal places, e.g. 1.2541 and final answer to 2 decimal places, e.g. 12.25%.)

The savings from the lockbox are $ ___________ per year