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Company X sells on a 2/10, net 90 , basis. Company Y buys goods with an invoice of $1,500. a. How much can company Y

image text in transcribed Company X sells on a 2/10, net 90 , basis. Company Y buys goods with an invoice of $1,500. a. How much can company Y deduct from the bill if it pays on day 10 ? Note: Do not round intermediate calculations. b. How many extra days of credit can company Y receive if it passes up the cash discount? c. 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

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