TMicheal Corp. sells its products on both credit and cash basis. Monthly sales are sold 20% for cash, 80% for credit. Credit sales are collected 65% in the month of sale and 35% the following month. Sales for the first quarter are BUDGETED as follows: January, $200,000; February, $200,000; March, $300,000. Compute cash collections budgeted for February. How much cash was collected in the month? Julie buys equipment for $222,474 that will last for 10 years. The equipment will generate cash flows of $41,000 per year and will have no salvage value at the end of its life. Ignore taxes. Use 12% required rate of return. (a) What is the Present Value (PV) of this investment (at 12%)? (b) What is the NET Present Value (NPV) of this investment? If you need 12% should you buy the equipment? (c) What is the Internal Rate of Return (IRR) of this d)What is the payback period