Aqua System Inc. expects to have $5,004,420 in credit sales during the coming year. Currently, all checks are sent to the home office. A proposed lockbox system can eliminate 5 days of float, releasing funds which, when invested, will earn 12.95 percent per year. What annual savings can Aqua System expect if the system is implemented? Use a 365-day year.
Round the answer to two decimal places.