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A firm offers the following credit terms of 1/7 net 55 . What is the effective annual rate on the credit extended if a customer

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A firm offers the following credit terms of 1/7 net 55 . What is the effective annual rate on the credit extended if a customer foregoes the discount? Round the effective annual rate to 2 decimals (e.g 22.05), and the unit is \%. Your Answer: Answer units

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