Based on the issue register below, please calculate the quantitative impact. Make sure you show the calculation steps.

Issue: Students reject offer due to long waiting times

Description: The time between online submission of an application to notification of acceptance takes too long, resulting in some students rejecting their admission offer.

Data & assumptions: Out of 3,000 applicants, 20% get an admission offer and reject it. Out of them 30% reject the offer because they accepted the admission offer elsewhere. In addition to these data, we assume that half of those who accept an admission offer elsewhere would have accepted our admission offer if we had made our offer earlier. Each application costs $100 per student to the university in time spent by the admissions office, plus $50 of academic recognition agency fee and online application service fee.

Qualitative impact: Students who would contribute to the institution positively are lost. Delays in the admission process affect the image of the university vis--vis future students, and generate additional effort to handle inquiries from students while they wait for the admission decisions.