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Burt s Department Store needs $ 6 7 3 , 0 0 0 to take a cash discount of 2 . 5 0 / 1

Burts Department Store needs $673,000 to take a cash discount of 2.50/15, net 75. A banker will loan the money for 60 days at an interest cost of $14,800. a. What is the annual rate on the bank loan? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.) Annual rate %

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