Cost of Trade Credit

Calculate the nominal annual cost of trade credit under each of the following terms. Assume a 365-day year. Do not round intermediate calculations. Round your answers to two decimal places.

a. 1/15, net 30.

%

b. 2/10, net 60.

%

c. 3/10, net 45.

%

d. 2/10, net 45.

%

e. 2/15, net 40.

%