Adams Manufacturing Inc. buys $8.9 million of materials (net of discounts) on terms of 2/10, net 60; and it currently pays after 10 days and takes the discounts. Adams plans to expand, which will require additional financing. If Adams decides to forgo discounts, how much additional credit could it obtain? Enter your answer as a positive value. Do not round intermediate calculations. Round your answer to the nearest cent. Use 365 day in a year.

$

What would be the effective cost of such a credit? Do not round intermediate calculations. Round your answers to two decimal places. Use 365 day in a year.

Effective cost: %

Effective cost is NOT 20.20 I previously asked this question was told an incorrect answer