1 Paul Promptly is a very cautious businessman. His suppliers offer trade credit terms of 3/10, net 70. Mr. Promptly never takes the discount offered, but he pays his suppliers in 60 days rather than the 70 days allowed so that he is sure the payments are never late. What is Mr. Promptly's cost of not taking the cash discount? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.) Cost of not taking the cash discount |--22.2% 00:439