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A firm with annual sales of $8,800,000 increases its inventory turnover from 5.5 to 6.0. How much would the company save annually in interest expense

A firm with annual sales of $8,800,000 increases its inventory turnover from 5.5 to 6.0. How much would the company save annually in interest expense if the cost of carrying the inventory is 8 percent? Round your answer to the nearest dollar.

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