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Chopper Furniture has collection centers across the country to speed up collections. The company also makes its disbursements from remote disbursement centers, so the firm's

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Chopper Furniture has collection centers across the country to speed up collections. The company also makes its disbursements from remote disbursement centers, so the firm's checks will take longer to clear the bank. Collection time has been reduced by 2 days and disbursement time increased by 1 days because of these policies. Excess funds are being invested in short-term instruments yielding 10 percent per annum. If Chopper Furniture has $2 million per day in disbursements and $1 million per day in collections, how many dollars has the cash management system freed up? Type your answer in full figure

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