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Probability of payment before creation of credit policy
Mucklehoney Sports operates a mail-order running shoe business. Management is considering adopting a credit policy to expand its business from an all sales for cash. The credit policy under consideration is as follows:
No Credit CreditPrice per unit $35 $40Cost per unit $25 $32Quantity sold 2,000 3,000Probability of payment 100% 85%Credit period 0 1Discount rate 0 3%
1. Should Mucklehoney offer credit to its customers? Yes.
2. What must the probability of payment be before Berkshire would adopt the policy?
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