7. Effective discount rate. Determine the equivalent rate of discount that would be lost if a company failed to take the cash discount under each of the following trade terms: 1. 1/5, net 30 5. 2/30, net 60 2. 1/20, net 30 6. 3/10, net 60 3. 2/10, net 30 7. 3/10, net 30 4. 2/10, net 60