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A firm buys on terms of 3/10, net 30. It does not take the discount, and it generally pays after 65 days. What is the

A firm buys on terms of 3/10, net 30. It does not take the discount, and it generally pays after 65 days. What is the nominal annual percentage cost of its non-free trade credit, based on a 365-day year?

a. 6.64%

b. 22.12%

c. 17.37%

d. 20.52%

e. 3.09%

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