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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.

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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 $383,900. The cost of funds for the combined firms is 15.36%. 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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