The inhabitants of a small island begin exporting beautiful clothmade from a rare plant that grows only on their island. Seeing howpopular the small quantity that they export has been, they steadilyraise their prices. A clothing maker from New York, thinking thathe can save money by "cutting out the middleman," decides to travelto the small island and buy the cloth himself. Ignorant of thelocal custom of offering strangers outrageous prices and thennegotiating down, the clothing maker accepts (much to everyone'ssurprise) the initial price of 400 tepizes/m^2. The price of thiscloth in New York is 120 dollars/yard^2.If the clothing maker bought 500m^2 of this fabric, how muchmoney did he lose? Use = 0.625Express your answer in dollars tothree significant figures.