The FHA was designed to pay off mortgage insurance for homes that were going into foreclosure.
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<u>Solution and Explanation:</u>
The following formula is used in order to calculate the days sales outstanding:
Days sales out standing = ( Accounts receivable divided by Sales ) multiply with 365
= $1.5 million divided by $12 million multiply with 365
After calculating we get, 45.625 days
<u>In order to calculate the capital released, the following formula is used: </u>
= 513699
Therefore, the capital released is $513699