(Accounts receivable collection policy) The Cowboy Bottling Company will generate $12 million in credit sales next year. Collection of these credit sales will occur evenly over this period. The firm's employees work 300 days a year. Currently, the firm's processing system ties up 6 days' worth of remittance checks A recent report from a financial consultant indicated procedures that will enable Cowboy Bottling to reduce processing float by 2 full days. If Cowboy invests the released funds to earn 9 percent, what will be the annual savings? The annual savings on the new processing system will be sm (Round to the nearest dollar)