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A company sells $20,000 of goods to a Chinese importer. The importer obtains a letter of credit of 120-day note at a 4.75% discount. Compute

A company sells $20,000 of goods to a Chinese importer. The importer obtains a letter of credit of 120-day note at a 4.75% discount. Compute the letter of credit effective annual return, in percent 2 decimal places?

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