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A firm is offered trade credit terms of 3/15, net 45. The firm does not take the discount, and it pays after 67 days. What

A firm is offered trade credit terms of 3/15, net 45. The firm does not take the discount, and it pays after 67 days. What is the effective annual cost of not taking this discount? (Assume a 360-day year.)

a. 21.41%

b. 22.07%

c. 22.95%

d. 23.48%

e. 24.52%

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