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Corn Products, Corp. ended the year 2008 with an average collection period of 39 days. The firm's credit sales for 2008 were $10 million. What

Corn Products, Corp. ended the year 2008 with an average collection period of 39 days. The firm's credit sales for 2008 were $10 million. What is the year-end 2008 balance in accounts receivable for Corn Products? (Consider a 365 days a year.)

Multiple Choice

$1.0685 million

$390 million

$3.9 million

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