Could you please answer part B only and with excel formulas. thank you!

2. ABC Maintenance Service A. ABC FBO sells maintenance services to various private jet operators. For these,it demands payment within 30 days. It is considering changing this policy to 0.66%/7, net 30. What is the implicit annual rate in the new policy? Use a notional purchase of $10,000. B. ABC's maintenance service business grosses some $22M per year before discounts and its average days receivable is 30. If 15% of its clients opt to follow the new policy, whatwill be the change in receivables? If ABC's WACC is 7.0%, what are the projected savingsof the new policy? If its gross margin is 22%, by how much will gross dollar revenues haveto rise to offset the loss from discounts? In percent? E F B D 1 A) Effective Annual Rate (EAR) B) Average Collection Period 2 3 Notional purchase 10,000.00 Gross revenue 4 Discount (%) 0.66% Avg. receivables before new policy 5 Days difference 23 % paying early 6 Avg. receivables after new policy 7 Discount (S) 66.00 Change in receivables 8 Rate (%) 0.66% Cost of capital 9 Days difference in 1 year 15.87 Projected savings in capital costs 10 minus: discounts 11 EAR 11.0% Projected savings net of discounts 12 Gross margin 13 Gross revenues must rise by: 14 - in dollars 15 - in percent 16 17 18 19 KUULAUAN