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Company X sells on a 2 / 1 5 , net 9 0 basis. Company Y buys goods with an invoice of $ 3 ,

Company X sells on a 2/15, net 90 basis. Company Y buys goods with an invoice of $3,500. A) How much can company Y deduct from the invoice if they pay within 15 days? B) How many extra days of credit can company Y receive it is passes up the cash discount? C) What is the effective annual rate of interest if Y pays on the due date rather than in 15 days?

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