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Assume the credit terms offered to your firm by your suppliers are 2.9/6, Net 30. Calculate the cost of the trade credit if your firm

Assume the credit terms offered to your firm by your suppliers are 2.9/6, Net 30. Calculate the cost of the trade credit if your firm does not take the discount and pays on day 30.

The effective annual cost of the trade credit is ____%. (Round to two decimal places.)

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