A company has contracted with their bank to do a collection float study of their current collections process. For an average month, the bank has determined that the company has three basic batches of collections with associated collection float as listed below:

Local Average Collections = $10,000,000 Days of Float = 2

Regional Average Collections = $5,000,000 Days of Float = 4

Distant Average Collections = $25,000,000 Days of Float = 6

Using the information, assume that changing to a lockbox would have no effect on the local collections (Batch #1), but would reduce the regional float (Batch #2) by 1 day and the distant float (Batch #3) by 2 days. If the company's cost of capital is 7%, what is the value of the float reduction?