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6. (22). McRock sells on credit goods worth $8465.95 to Poly Gardens at a discount of half of 1% for payment within 7 days, otherwise

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6. (22). McRock sells on credit goods worth $8465.95 to Poly Gardens at a discount of half of 1% for payment within 7 days, otherwise the payment must be made on or before the 30th day. What is the effective annual interest rate implied in the discount being offered? State any assumptions you make. H

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