The cost of short-term funds was 9 if the effect of this, Financial Management

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The cost of short-term funds was 9 if the effect of this

Changing payment cycle On accepting the position of chief executive officer and chairman of Muse, Inc., Dominic Howard changed the firm's weekly payday from Monday afternoon to the following Friday afternoon. The firm's week payroll was S98 million, and the cost of short-term funds was 9%. If the effect of this change was to delay check Clearing by 1 week what annual savings, if any, were realized?

The annual savings that the firm can realize is (Round to the nearest dollar.)

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Financial Management: The cost of short-term funds was 9 if the effect of this

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