Private Jet Operators
Question 2 consists of parts a, b, and c – a. Argo sells maintenance services to various private jet operators. Forthese, it demands payment within 20 days. Argo is considering changing this policy to 0.5%/4, net 20. What is the implicit effective annual rate in this payment policy? Use a notional purchase of $1,000.b. Argo’s maintenance service business grosses some $8M per year before discounts and its average days receivable is 25 (unlike the overall business where this number is ~15). If 45% of Argo’s clients opt to pay earlier and get the 0.5% discount, what will be the change in the service business’s receivables? If Argo’s cost of capital is 5.5%, what are the projected savings of this change in policy? If Argo’s gross margin is 25%, by how much will gross dollar revenues have to rise to offset the loss from discounts? In percent?c. A new client from out of town is quoted $3,300 for a repair. The service people ask you to approve this. You do a quick check on the client and assess an 5% default risk. What is the NPV of the client? What is the break-even probability? What is the minimum probability of collecting for you to approve the service?
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