94) Jodie and Buffy Electronics has an agreement with National Financial Bank whereby the bank handles $1.02 million in collections a day and requires a $750,000 compensating balance. Jodie and Buffy Electronics is contemplating cancelling the agreement and dividing its eastern region so that two other banks would handle its business. Banks A and B would each handle $.51 million of collections per day and each requires a compensating balance of $400,000. Collections should be accelerated by one day if the eastern region is divided. The T-bill rate is 2.97 percent annually. What is the amount of the annual net savings if this plan is adopted? A) $20,210 B) $28,809 C) $31,325 D) $29,406 E) $19,706