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(Accounts receivable collection policy) The Cowboy Bottling Company will generate $ 14 million in credit sales next year. Collection of these credit sales will occur

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(Accounts receivable collection policy) The Cowboy Bottling Company will generate $ 14 million in credit sales next year. Collection of these credit sales will occur evenly over this period. The firm's employees work 365 days a year. Currently, the firm's processing system ties up 4 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 6 percent, what will be the annual savings

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