Please use Excel if possible! Please show all formulas and concepts in getting any answer. Will rate thumbs up!! Thank you.

3. The McCullough Corporation sells on a cash-only basis (no credit) and has current sales of $45,000,000. Currently, variable costs are 60% of sales and no new fixed costs will be incurred if sales increase. The firm is considering a 30-day credit period, which it expects will increase sales to $55,500,000 but bad debt would be 2% of sales. Cash customers would receive a 2% discount. The firm's cost of capital is 9%. Calculate the change in investment in receivables and the change in profitability if McCullough enacts this new credit policy