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What is the effective annual rate of interest

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Reference no: EM13488283

Company X sells on a 2/30, net 60 basis. Customer Y buys goods invoiced at $1,100.
a. How much can Y deduct from the bill if Y pays on day 30? (Round your answer to the nearest dollar amount.)

Amount deducted $

b. What is the effective annual rate of interest if Y pays on the due date rather than on day 30? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Effective compound annual rate %

Reference no: EM13488283

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