The inhabitants of a small island export a cloth made from a plant that grows only on their island. A clothier from New York, believing that he can save money by "cutting out the middleman," decides to travel to the island and buy the cloth himself. Ignorant of the local custom where strangers are offered outrageous prices initially, the clothier accepts (much to everyone's surprise) the initial price of 400 tepizes/m^2. The price of this cloth in New York is 120 dollars/yard^2. If the clothier bought 500 m^2 of cloth, how much money did he lose? Use 1tepiz = 0.625 dollars and 0.9144 m =1 yard. if you answer correctly you will be my hero.