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16. A firm buys on terms of 2/15, net 40 days. It does not take discounts, and it typically pays 50 days after the invoice
16. A firm buys on terms of 2/15, net 40 days. It does not take discounts, and it typically pays 50 days after the invoice date. Net purchases amount to $720,000 per year. What is the effective cost of its non-free trade credit? (Assume a 365-day year.)(2 points)
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