How long did take on average for credit customers to pay

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Problem 1: An individual would like to have €10,000 saved in an account at the end of three years. If the return on the account is 7% per year with monthly compounding, how much must he deposit today in order to reach his savings goal in three years?

Problem 2: The firm has a current accounts receivable balance of €480,140. Credit sales for the year just ended were €3,890,145. How long did it take on average for credit customers to pay off their accounts during the past year?

Reference no: EM132765469

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