Carter & Carter is considering setting up a regional lockbox system to speed up collections. The company sells to customers all over the U$.$S$.,$ and all receipts come in to its headquarters in San Francisco. The firm's average accounts receivable balance is $$2\mathrm{.}5$ million, and they are financed by a bank loan at an $11\%$ annual interest rate. The firm believes this new lockbox system would reduce receivables by $20\%.$ If the annual cost of the system is $$15,000,$ what pre$-$tax net annual savings would be realized?