Primrose Corp has $12 million of sales, $3 million of inventories, $4 million of receivables, and $1 million of payables. Its cost of goods sold is 85% of sales, and it finances working capital with bank loans at an 8% rate. Assume 365 days are in year for your calculations. (Do not round intermediate steps. )

1. What is Primrose's cash conversion cycle (CCC)? Round your answer to two decimal places. ________ days

2. If Primrose could lower its inventories and receivables by 9% each and increase its payables by 9%, all without affecting sales or cost of goods sold, what would be the new CCC? Round your answer to two decimal places. _______ days

3. How much cash would be freed-up? Round your answer to the nearest cent. $ ________ By how much would pre-tax profits change? Round your answer to the nearest cent. $ ________