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Information on the age of account receivables

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Problem A: Wildcat Electronics sells audio and video equipment. Its billing division has information on the age of its account's receivables. The data collected indicate that the age of the accounts follows a normal distribution with a mean of 12 days and a standard deviation of 9 days.

(A1) The billing division is sending reminder emails to its oldest 25% of accounts. How many days old should an account at least be to receive a reminder?

(A2) Wildcat Electronics charges a late fee of $50 when an account is 30 days or older. What percentage of the accounts will receive this late fee?

(A3) Wildcat Electronics wants to give a discount to those accounts that pay their balance within 7 days. What percentage of the accounts will receive the discount?

Reference no: EM132464097

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