Belvedere Inc. has an annual payroll of $54 million. The firm pays employees every two weeks on Friday afternoon. Last month, the books were closed…

Belvedere Inc. has an annual payroll of $54 million. The firm pays employees every two weeks on Friday afternoon. Last month, the books were closed on the Tuesday after payday. How much is the payroll accrual at the end of the month? Assume that a year consists of 52 weeks. Assume 5 working days in a week. Round your intermediate calculations to nearest cent. Round your answer to the nearest cent.

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