The Hopewell Pharmaceutical Companys balance sheet and income statement for last year are as follows:

Balance Sheet (in Millions of Dollars)
Assets			Liabilities and Equity
Cash and marketable securities	$1,200		Accounts payable***	$800
Accounts receivable*	1,400		Accrued liabilities
Inventories**	900		(salaries and benefits)	200
Other current assets	100		Other current liabilities	600
Total current assets	$3,600		Total current liabilities	$1,600
Plant and equipment (net)	2,800		Long-term debt and other
Other assets	1,000		liabilities	2,900
Total assets	$7,400		Common stock	1,200
			Retained earnings	1,700
			Total stockholders equity	$2,900
			Total liabilities and equity	$7,400
*Assume that average accounts receivable are the same as ending accounts receivable.
**Assume that average inventory over the year was the same as ending inventory.
***Assume that average accounts payable are the same as ending accounts payable.

Income Statement (in Millions of Dollars)
Net sales	$6,600
Cost of sales	1,600
Selling, general, and administrative expenses	2,100
Other expenses	800
Total expenses	$4,500
Earnings before taxes	2,100
Taxes	840
Earnings after taxes (net income)	$1,260

Determine Hopewell's cash conversion cycle. Assume that there are 365 days per year. Do not round intermediate calculations. Round your answer to one decimal place.

days

Give an interpretation of the value computed in part a.

The number of the cash conversion cycle denotes to what extent the time interval of the collection of cash receipts from product sales -Select-exceedsis less thanItem 2 the time interval of the cash payments for the various resources used by the firm.