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1 4 - 9 If a firm buys on terms of 3 1 5 , net 4 5 , what is the APR of its

14 - 9

If a firm buys on terms of

\frac{3}{15},

net

45,

what is the APR of its non

-

free trade credit?

What is the effective annual rate,

r_{E A R} ? (

14 - 5)

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