Sundsvall Sailing has a new process for manufacturing the MD2024 foil boards it hopes to debut in the 2024 Olympics. The innovation has reduced the time it takes for a foil board to be made. It now takes 8 hours for a board to be made. Previously it took 13 hours to make the MD2024 board. Of the three-stage process makes one board each hour on average and each board is worth $1,500.

Required:
How much is the reduction in work-in-process value?