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Effective Cost of Trade Credit
The D.J. Masson Corporation needs to raise $400,000 for 1 year to supply working capital to a new store. Masson buys from its suppliers on terms of 2/10, net 90, and it currently pays on the 10th day and takes discounts. However, it could forgo discounts, pay on the 90th day, and get the needed $400,000 in the form of costly trade credit. What is the effective annual interest rate of this trade credit? Assume 365 days in year for your calculations. Do not round intermediate calculations. Round your answer to two decimal places.
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A U.S. importer makes a purchase from a German firm in the amount of 21,000 euros. At the current spot rate of 0.75 Euros per dollar, how much is this purchase in U.S. dollars? If in 90 days the dollar weakens so that the spot rate is 0.70 Euros per ..
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