I need help with question #4. Step by step solution please!
Rob McMillan finished reading the article in the local paper, “Fuel Prices Expected to Increase into Summer.” The article cited major factors in the crude oil spike such as Iran’s nuclear program and overall Mideast instability. Rob, an independent fuel oil and propane distributor in rural Virginia, thought this wasn’t good news. It had been a moderate winter, but wholesale fuel prices were higher than normal. Rob grabbed the last invoice from his supplier and saw that fuel oil was priced at $1.964 per gallon, with trade discounts of 7/5/2.5 available. It seemed like those discounts were not as good as in the past. McMillan Oil offers its own customers credit terms of 2/15, net/30, with a 1% service charge on late payments. Of the $25,000 in average fuel oil sales per month, normally half of Rob’s sales are paid within the discount period, and only 5% incur the monthly service charge. Rob is concerned because a number of his fuel oil customers are behind in their payments, and he is considering some changes.
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