Assume that the operations of your business resulted in credit sales of $730,000 last year. Year end recievables were $110,000. You are considering factoring the recievables to raise cash to help finance your venture;s growth. Factor imposes a 7% discount rate and charges an additional 1% for each 10 day average collection period over 30 days. Calculate the average collection period and determine how much you would recieve from the factor if you sold the factor all $100,000 in recievables.