Consider a company that has sales in May, June, and July of $10 million, $12 million, and

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Consider a company that has sales in May, June, and July of $10 million, $12 million, and $9 million, respectively. The firm is paid by 35 percent of its customers in the month of the sale, 40 percent in the following month, and 22 percent in the next month (3 percent are bad sales and never pay). What is the cash collected in July?

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Finance Applications and Theory

ISBN: 978-0077861681

3rd edition

Authors: Marcia Cornett, Troy Adair

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