B. Wright Industries Limited traditionally follows a highly aggressive working capital policy with no long-term borrowings. Below are key details recently compiled: Items Sales (all on credit) Purchases (all on credit) Gross profit Average receivables S (million) 24 8 6 Average inventory Average accounts payables 2 The firm is also proposing to offer a 4/10, net /30 discount policy to reduce accounts receivables. Wrights anticipates 30% of its customers will take advantage of the discount. As a result of this discount policy, the collection period will be reduced to 1% months. The company also provides the following data: Current annual credit sales 24 000 000 Collection period 2 months Terms Required rate of return net/30 12% Determine: (4 marks) i. the firm's working capital cycle, that is, cash conversion cycle. ii. whether the firm should offer the new discount policy to customers. (6 marks)