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A company has daily purchases of $10,000 from its supplier.The supplier offers trade credit under the following terms:3/20, net 50 days.The company finally chooses to

A company has daily purchases of $10,000 from its supplier.The supplier offers trade credit under the following terms:3/20, net 50 days.The company finally chooses to pay on time (pay in the 50th day) but not to take the discount. We assume 365 days per year. what is the effective annual cost of the firm's costly trade credit?

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