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Accounting for Purchase Discounts Ken Company purchased $5,000 of merchandise from Marilyn Company with terms of 3/10, n/45. What percent discount will Ken Company get

Accounting for Purchase Discounts Ken Company purchased $5,000 of merchandise from Marilyn Company with terms of 3/10, n/45.

What percent discount will Ken Company get if it pays within the allowed discount period?

Answer

%

If Ken Company fails to pay within the discount period, how many days does Ken Company have from the date of purchase before the payment is considered to be late?

Answer

days

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