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Spontaneous sources of funds, accruals When Tallman Haberdashery, Inc., merged with Meyers Men's Suits, Inc., Tallman's employees were switched from a weekly to a biweekly

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Spontaneous sources of funds, accruals When Tallman Haberdashery, Inc., merged with Meyers Men's Suits, Inc., Tallman's employees were switched from a weekly to a biweekly pay period. Tallman's weekly payroll amounted to $770,000. The cost of funds for the combined firms is 15%. What annual savings, if any, are realized by this change of pay period? The annual savings that the firm can realize is $. (Round to the nearest dollar.)

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