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Problem - Aunt Donkey has credit sales of $400,000 yearly with customers paying on average in 55 days. Aunt Donkey does not currently offer a discount for early payment.
Required -
a. What is the average receivables balance?
b. Assume Aunt Donkey offers new trade terms of 2/10, Net 30. All customers take the discount and pay in 10 days, and sales increase by 20 percent as a result of this discount incentive. If Aunt Donkey earns 22 percent on sales (before discounts) and can reduce their 5% bank loan due to the early payments, should they offer these new discount terms? Support your answer with all relevant calculations.
Your monthly interest rate is 0.5 percent. What is the net present value of this proposed switch using the accounts receivable approach?
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