Anne Teak, the financial manager of a furniture manufacturer, is considering operating a lockbox system. She forecasts that 350 payments a day will be made to lockboxes with an average payment size of $2,000. The bank's charge for operating the lockboxes is $0.45 a check. Assume an interest rate of 9% and a 365-day year. What reduction in the time to collect and process each check is needed to justify use of the lockbox system? (Do not round intermediate calculations. Round your answer to 2 decimal places.)