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Calculate the additional annual financing cost

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Question - Wontaby Ltd. is extending its credit terms from 45 to 60 days. Sales are expected to increase from $4.81 million to $5.91 million as a result. Wontaby finances short-term assets at the bank at a cost of 12 percent annually. Calculate the additional annual financing cost of this change in credit terms.

Reference no: EM133167257

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