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Atlanta Cement, Inc. buys on terms of 2/15, net 30. It does not take discounts, and it typically pays 55 days after the invoice date.

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Atlanta Cement, Inc. buys on terms of 2/15, net 30. It does not take discounts, and it typically pays 55 days after the invoice date. Net purchases amount to $720,000 per year. What is the nominal annual percentage cost of its non-free trade credit, based on a 365- day year? (Hint: Determine the percentage rate cost of the trade credit from the discount period to the actual payment period, using the formula used in homework 15-3) O 14.34% O 22.91% O 49.66% O 15.27% O 18.62%

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