Please complete the Problem below and upload your answers in a excel document. Please make sure to show your work $($Helpful Hint, please refer to Chapter $13).$

Assume the operation of your business resulted in sales of $$1,040,000$ last year. Year$-$end receivables are $$200,000.$ You are considering factoring the receivables to raise cash to help finance your venture's growth. You have run into two options:

Option $1.$ The factor imposes a $5$ percent discount.and charges an additional $1$ percent for each expected ten$-$day average collection period over thirty $30$ days.

Option $2$: The factor imposes a $7$ percent discount and charges an additional $0\mathrm{.}5$ percent for each expected fifteen$-$day average collection period over thirty $40$ days.

A$.$ If the sales last year were evenly distributed throughout the year, what is the implied average collection period of the company?

B$.$ Estimate the dollar amount you will receive from the factor for your receivables if you go with Option $1.$

C$.$ Estimate the dollar amount you will receive from the factor for your receivables if you go with Option $2.$

D$.$ What option would you recommend taking?