Cost of Trade Credit

Grunewald Industries sells on terms of $1/10,$ net $30.$ Gross sales last year were $$4,635,500$ and accounts receivable averaged $$412,750.$ Half of Grunewald's customers paid on the $10$th day and took discounts. What are the nominal and effective costs of trade credit to Grunewald's nondiscount customers? $($Hint: Calculate daily sales based on a $365-$day year, calculate the average receivables for discount customers, and then find the DSO for the nondiscount customers.$)$ Do not round intermediate calculations. Round your answers to two decimal places.

Nominal cost of trade credit:

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Effective cost of trade credit:

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