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What is the effective annual percentage cost

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Bumpas Enterprises purchases $4,562,500 in goods per year from its sole supplier on terms of 2/15, net 50. If the firm chooses to pay on time but does not take the discount, what is the effective annual percentage cost of its nonfree trade credit? (Assume a 365-day year.)

a. 20.11%
b. 21.17%
c. 22.28%
d. 23.45%
e. 24.63%

 

Reference no: EM13288580

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