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What is the effective annual rate of interest

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Reference no: EM132509785

Company X sells on a 1/10, net 90, basis. Company Y buys goods with an invoice of $4,000.

What is the effective annual rate of interest if Y pays on the due date rather than day 10? (Use 365 days in a year. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Reference no: EM132509785

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