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A retail store offers its customers a cash discount term of 2/10 net 30. If a customer purchases $10,000 worth of merchandise and takes advantage

A retail store offers its customers a cash discount term of 2/10 net 30. If a customer purchases $10,000 worth of merchandise and takes advantage of the discount, how much will they pay? What will be the effective annual interest rate if they choose not to take the discount and pay within the 30-day period?

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