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The Dog House expects sales of $770, $860, $950, and $960 for the months of May through August, respectively. The company collects 84 percent of sales in the month of sale, 13 percent in the month following the month of sale, and 1 percent in the second month following the month of sale. The remaining sales are never collected. How much money does the company expect to collect in the month of July?

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Answer:

Company expects to collect 917.5$ in the month of July.

Explanation:

If we start in May, 84% out of 770$ that will be collected in that month is 646.8, 13% out of 770$ collected in June is 100,1$ and 1% out of 770$ collected in July is 7,7$. Then if we go on to June, 84% out of 860$ is equal to 722,4$ and 13% out of 860$ collected in July is 111,8$ and 84% out of 950$ collected in July is 798$. Combined, we have 7,7$ + 111,8$ + 798$, which is equal to 917,5$. Therefore, company will collect 917,5 dollars in July.

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