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Answer (C) is correct . Projected credit sales for the year under the old credit policy were $32,400,000 ($40,500,000 × 80%). The projected average balance in receivables was therefore $2,700,000 [$32,400,000 × (30 days ÷ 360 days)]. Under the new policy, projected credit sales will be $38,880,000 ($32,400,000 × 1.2), resulting in a new average receivables balance of $4,320,000 [$38,880,000 × (40 days ÷ 360 days)]. Hence, the expected increase in the balance is $1,620,000 ($4,320,000 – $2,700,000).

Answer (A) is incorrect because This figure results from ignoring the increase in the average collection period to 40 days.
Answer (B) is incorrect because This figure results from ignoring the projected 20% increase in credit sales.
Answer (D) is incorrect because This figure is the average amount in accounts receivable before any change in credit terms.