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Bob's liquid propane bill comes 2/7, net 30. A) What rate is that penalty on an annual basis according to equation 8-1? B) by taking

Bob's liquid propane bill comes "2/7, net 30." A) What rate is that "penalty" on an annual basis according to equation 8-1?

B) by taking the rate for those 23 days and compounding those for a year, what annual interest rate would that be?

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