The Cowboy Bottling Company will generate ​$16 million in credit sales next year. Collection of these credit sales will occur evenly over this period. The​ firm's employees work 300 days a year.​...

The Cowboy Bottling Company will generate ​$16 million in credit sales next year. Collection of these credit sales will occur evenly over this period. The​ firm's employees work 300 days a year.​ Currently, the​ firm's processing system ties up 6 ​days' worth of remittance checks. A recent report from a financial consultant indicated procedures that will enable Cowboy Bottling to reduce processing float by 2 full days. If Cowboy invests the released funds to earn 6 ​percent, what will be the annual​ savings?