The Cowboy Bottling Company will generate $20 million in credit sales next year. Collection of these credit sales will occur evenly over this period. The firm's employees work 365 days a year. Currently, the firm's processing system ties up 5 days' worth of remittance checks. A recent report from a financial consultant indicated procedures that will enable Cowboy Bottling to reduce processing float by 1 full days. If Cowboy invests the released funds to earn 8 percent, what will be the annual savings?