Tiger Thriftway currently processes all of its credit sales at its Clemson, SC, headquarters. The firm is considering establishing a lockbox arrangement with Arizona bank to process payments from customers in 12 southwestern states. Average mailing time for customers from this region is currently 5.5 days. It is expected that the system will reduce this to 4.5 days. Check processing and clearing time would be reduced from 5.5 days to 3 days with the lockbox arrangement. Annual collections from this region are $400 million, The lockbox arrangement would reduce the compensating balance requirement at the firm's Clemson bank by $300,000 and reduce annual payment processing costs at the Clemson office by $30,000. Funds released by the lockbox arrangement can be invested elsewhere in the firm to earn 10 percent before taxes. Assume that there are 365 days per year. The Arizona bank has agreed to process Tiger's customer payments for an annual fee of $130,000. Determine the annual net pretax benefits to Tiger of establishing a lockbox system with the Arizona bank. Your answer should have four decimal places. For example, for $10,000,000, enter 10,000,000.0000