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A firm is offered trade credit terms of 3/15, net 45 days. The firm does not take the discount, and it pays after 67 days.
A firm is offered trade credit terms of 3/15, net 45 days. The firm does not take the discount, and it pays after 67 days.
What is the nominal annual cost of not taking the discount? (Assume a 365-day year.)
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