Suppose a firm makes a purchase and receives the shipment on February 1. The terms of trade

Question:

Suppose a firm makes a purchase and receives the shipment on February 1. The terms of trade as stated on the invoice read “2/l0, net 40, May 1 dating.” What is the latest date on which payment can be made and the discount still be taken? What is the date on which payment must be made if the discount is not taken?