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A firm. buys on terms of 2/15, net 30. It does not take discounts, and it typically pays 65 days after the invoice date. Net

  1. A firm. buys on terms of 2/15, net 30. It does not take discounts, and it typically pays 65 days after the invoice date. Net purchases amount to $720,000 per year. What is the nominal annual percentage cost of its non-free trade credit, based on a 365-day year?

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