The Essex Company found that it takes an average of 10 days between the time customer payments are received and the deposited funds are cleared at the customer's bank and can be used by the company. Essex's annual sales are $240 million. (Assume 365 days per year when converting annual data to daily data or vice versa.) What is the increase in Essex's average cash balance assuming it can reduce the time required to process customer payments by 3 days through more efficient payment processing methods?