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A study of Brown Bag Company's payment practices showed that the company pays its vendors 20 days after the accounting department receives the invoice. The
A study of Brown Bag Company's payment practices showed that the company pays its vendors 20 days after the accounting department receives the invoice. The standard deviation is 5 days. Assuming that there is a normal distribution across the company's payments, what percent of the invoices are paid within 15 days of receiving them? Based on your answer, recommend an effective payment strategy for the company.
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