1. Thornton Universal Sales' cost of goods sold (COGS) average $2,000,000 per month, and it keeps inventory equal to 50% of its monthly COGS on hand at all times. Using a 365-day year, what is its inventory conversion period?
2. A stream of cash flows that pays $100 every year for 10 year. The first cash flow is received at t=1 and you will receive additional $1000 at the end of the 10 years. You have a discount rate of 10%, what is the PV?