On May 23, CanFood Inc. received an invoice dated May 21 for $8, 500 with payment terms 6/12, 2/20, n/40, ROG. The items specified on the invoice was received May 25. (a) When is the last day of the 2%-discount period?   (b) If CanFood Inc. wants to settle the invoice on Jun 6, what is the amount needed to be paid on that day?

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To answer these questions we need to break down the payment terms and calculate accordingly a ... View the full answer