A company is planning to offer a discount for payment within 10 days to its customers, who currently pay after 45 days. Only 40 per cent of credit customers would take the discount, although administrative cost savings of €4,450 per year would be gained. If credit sales, which are unaffected by the discount, are €1.6m per year and the cost of short-term finance is 8 per cent, what is the maximum discount that could be offered?