Spontaneous sources of funds, accruals When Waverly Wear, Inc., merged with Southerly, Inc., Waverly's employees were switched from a weekly to a biweekly pay period. Waverly's weekly payroll amounted to $389,500. The cost of funds for the combined firms is 8.76%. 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.)