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Book Depot Inc. sells on terms of 1/20, net 70. What is the implicit cost of trade credit under these terms? Use a 365-day year.

Book Depot Inc. sells on terms of 1/20, net 70. What is the implicit cost of trade credit under these terms? Use a 365-day year. Round the answer to two decimal places in percentage form. (Write the percentage sign in the "units" box)

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