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A firm buys on terms of 3/15, net 45. It does not take the discount, and it generally pays after 65 days. What is the

A firm buys on terms of 3/15, net 45. 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? (Please show all work and formulas)

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