Klein's Tools is considering offering a cash discount to speed up the collection of accounts receivable. Currently the firm has an average collection period of

66

days, annual sales are

31,000

units, the per-unit price is

$38,

and the per-unit variable cost is

$28.

A

2%

cash discount is being considered. Klein's Tools estimates that

77%

of its customers will take the

2%

discount. If sales are expected to rise to

33,000

units per year and the firm has a

16%

required rate of return, what minimum average collection period is required to approve the cash discount plan?

The minimum average collection period required to approve the cash discount plan is

days. (Round to two decimal places.)