Please answer the following attached questions. Please show calculations in word document or excel file

Part 1 1. The terms of the sale were 1/7, net 21. What is the effective annual rate of interest for the credit period for this sale? 2. ABC Company sells 3,500 units of its product each year at a price per unit of $275. All sales are on credit with terms of 1/7, net 30. The discount is taken by 40 percent of the customers. What is the average collection period? What is the amount of the company's accounts receivable? 3. ABC Company has an average collection period of 18 days and annual sales of $694,000. What is the average investment in accounts receivables as shown on the balance sheet? Part 2 1. The terms of trade are 2/15 net 60. Compute the effective rate of forgoing the cash discount. 2. A company has an average collection period of 20 days and A/R balance of $100,000. Compute the annual credit sales. Assume 365 days. 3. A company has an average collection period of 25 days and annual credit sales of $300,000. Compute the A/R balance. Assume 365 days