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Problem 16-1 Cash Management Williams & Sons last year reported sales of $7 million and an inventory turnover ratio of 3.5. The company is now

Problem 16-1 Cash Management

Williams & Sons last year reported sales of $7 million and an inventory turnover ratio of 3.5. The company is now adopting a new inventory system. If the new system is able to reduce the firm's inventory level and increase the firm's inventory turnover ratio to 6.8 while maintaining the same level of sales, how much cash will be freed up? Round your answer to the nearest dollar.

$

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