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Company x sells on a 3 2 2 , net 6 5 , basis. Customer Y buys goods with an invoice of $ 1 ,

Company x sells on a 322, net 65, basis. Customer Y buys goods with an invoice of $1,110.
a. How much can Y deduct from the bill if it pays on day 22?(Round your answer to 1 decimal place.)
b. How many extra days of credit can Y receive if it passes up the cash discount? (Round your answer to the
nearest whole.)
c. What is the effective annual rate of interest if Y pays on the due date rather than day 22?(Round your answer
to 2 decimal places.)
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