The average daily balance of a credit card for the month of January was $1600 and the unpaid balance at the end of the month was $1250. If the annual percentage rate is 20.4% of the average daily balance, what is the total balance on the next billing date, February 17 Round your answer to the nearest cent. Provide your answer below:

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Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.