If 34 percent of customers pay on Day 10 and the remainder pay in an average of 28 days, what is the average collection period?
A) 19.72 days
B) 20.08 days
C) 21.88 days
D) 18.47 days
E) 22.09 days
C) 21.88 days
Explanation: ACP = .34(10) + .66(28)
ACP = 21.88 days
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