When he became the president of Jem Incorporated, John Smith changed the date of the weekly payday from the end of the day on Monday to the end of the day on Friday. The company has a weekly payroll...

When he became the president of Jem Incorporated, John Smith changed the date of the weekly payday from the end of the day on Monday to the end of the day on Friday.  The company has a weekly payroll of $10 million, and the cost of short-term funds was 13%.

If this change delayed check clearing by 1 week, what annual savings were realized?