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A mattress store had monthly sales of $20,000, $18,000 and $15,000 in the months of December, January, and February, respectively. Collections are usually 50% in
A mattress store had monthly sales of $20,000, $18,000 and $15,000 in the months of December, January, and February, respectively. Collections are usually 50% in cash, 30% in one month and the balance at the end of two months. Assuming no bad debt, how much cash will the store collect in February?
Multiple Choice
$16,800
$16,600
$16,900
$16,700
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