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Calculate approximate annual borrowing rate for customers

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Acme Co. offers credit terms of 3/10, net 40. Calculate the approximate annual borrowing rate for customers who do NOT take the discount? (Assume a 365 day year with no compounding).

[Express your answer in percentage terms (eg. 12.34). Round your final answer to 2 (two) decimal places]

Approximate annual rate (%) =

Reference no: EM132500859

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