9. Terms of Sale A firm offers terms of 4/12, net 30. a. What effective annual interest rate does the firm earn when a customer does not take the discount? % Points: 2.5 b. What is the effective annual rate if the discount is changed to 3% ? % Points: 2.5 c. What is the effective annual rate if the credit period is increased to 45 days? % Points: 2.5 d. What is the effective annual rate if the discount period is reduced to 5 days? % Points: 2.5 Do all calculations using 9 decimal places, retain the 9 decimal places throughout the calculations, then when you report answers round to 2 decimal places. Examples: If the answer is in years: i.e., 9.5576 report 9.56 years. If the answer is in dollars, i.e., $56.987.555 report to the nearest cent $56,987.56. If the answer is in percentage terms i.e., 10.4478% report 10.45% If the answer is in times i.e., 4.783 report 4.78 times. You need to be very precise with rounding and reporting. For instance, if the answer is 9 times you must report 9.00, the homework grading program will count 9 as incorrect, it would count 9.0 as incorrect, everything must be carried or rounded to two decimal places. Another example if the answer is $48,000, you must report 48,000.00