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Company X sells on a 1 1 0 / , net 9 0 , basis. Company Y buys goods with an invoice of $ 4

Company X sells on a 110/
, net 90, basis. Company Y buys goods with an invoice of $4,000.
How much can company Y deduct from the bill if it pays on day 10?
Note: Do not round intermediate calculations.
How many extra days of credit can company Y receive if it passes up the cash discount?
What is the effective annual rate of interest if Y pays on the due date rather than day 10?
Note: Use 365 days in a year. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.
a. Discount
b. Number of days days
c. Effective annual rate %

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