LaDoris & Mike,Inc.sells earnings forecasts for Chinese securities.Its credit terms are 1/5,net 15.Based on experience,85 percent of all customers take the discount.What is the average collection period?
A) 6.0 days
B) 6.5 days
C) 7.0 day
D) 7.5 days
E) 8.0 days
Correct Answer:
Verified
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