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Greed has no inventories. The receivables were $90000 at 1 June 2000 and rose by 30% during the year. Average payables for the year were $50000. Turnover for the year to 31 May 2001 amounted to $2,000,000 and the gross profit margin was 40%. The overdraft rate is 12% per annum. All transactions were on credit. What was the cost of the operating cycle faced by the company? $________ |