The summarized current assets and current llabilities of Newton Bhd are as follows: Sales for the firm amount to RM800,000 and cost of goods sold is 45% of sales. The payable deferral period is 48 days. The firm's annual working capital investment is RM600,000. The firm's required return on investments is 9%. Assume a 360 -day year. a. What is the firm's operating cycle? b. What is the firm's cash conversion cycle? c. What is the firm's annual savings if the cash conversion cycle is reduced by 12 days