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A firm buy on terms of 2/10, net 48 days, it does not take discounts, and it actually pays after 48 days. What is the

A firm buy on terms of 2/10, net 48 days, it does not take discounts, and it actually pays after 48 days. What is the effective annual percentage cost of its trade credit? (Use a 365-day year)?

*Show all formulas and calculations.

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