ABC reported the following in its latest financial statements. Credit sales were $800,000 and cost of goods sold was $60,000. Assume 365 days in a year. (a) Calculate the operating cycle. (c) Suppose the firm decides to get credit from its supplier to extend the cash cycle. The supplier quotes 2/8 net 30 . What is the interest rate the company has to pay if it takes the trade credit? (10 marks)