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A supplier grants your firm credit terms of 1/15, net 60. What is the effective annual rate of the discount if the firm purchases $1,950

A supplier grants your firm credit terms of 1/15, net 60. What is the effective annual rate of the discount if the firm purchases $1,950 worth of merchandise?

9.49 percent

7.49 percent

8.49 percent

9.34 percent

6.89 percent

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