1. The Artists Palette recognizes that students may purchase supplies at the beg

1. The Artists Palette recognizes that students may purchase supplies at the beginning of the term to cover all of their art class needs. Because this could represent a fairly substantial outlay the Artists Palette offers discounts to those students who pay sooner than required. Assume that if students buy more than $250 of art supplies in one visit they may put it on a student account with terms of 2/10 n/30. If a student purchases $250 of supplies on September 16 what amount is due by September 26? How much would the student save by paying early?2. Assume that if students buy more than $250 of art supplies in one visit they may put the charge on a student account with terms of 2/10 EOM. If a student makes the purchase on September 16 on what day does the 2% discount expire? If the purchase is made on September 26 on what day does the 2% discount expire? If you were an art student which method would you prefer: 2/10 n/30 or 2/10 EOM?