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answer is not 16.3 or 16.30 or 17.65 Your supplier offers terms of 16/9, Net 45. What is the effective annual cost of trade credit

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Your supplier offers terms of 16/9, Net 45. What is the effective annual cost of trade credit if you choose to forgo the discount and pay on day 45? The effective annual cost of the trade credit is 16.3%. (Round to two decimal places.)

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