Cleaner’s, Inc., is switching to paying employees every 2 weeks rather than weekly and will therefore “skip” 1 week’s pay. The firm has 25 employees who work a 60- hour week and earn an average wage...

Cleaner’s, Inc., is switching to paying employees every 2 weeks rather than weekly and will therefore “skip” 1 week’s pay. The firm has 25 employees who work a 60- hour week and earn an average wage of $12.50 per hour.

1. Using a 10% rate of interest, how much will this change save the firm annually? Format: 1,111