Your firm has an average receipt size of $145. A bank has approached you concerning a lockbox service that will decrease your total collection time by one day. You typically receive 6,100 checks per day. The daily interest rate is 0.017 percent. The bank charges a lockbox fee of $115 per day.

What is the NPV of accepting the lockbox agreement? (Round your answer to 2 decimal places. (e.g., 32.16))

What would the net annual savings be if the service were adopted? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))