Cost of Trade Credit

My Home Week 8: Homework X Assignment: Week 8: Homework Assignment Score: 61.11% Courses Save Submit Assignment for Grading Catalog and Study Tools Questions Problem 16-04 (Cost of Trade Credit) Question 4 of 8 A-7 Partner Offers 2. Check My Work 3. Rental Options 4 eBook College Success Tips Cost of Trade Credit Career Success Tips A large retailer obtains merchandise under the credit terms of 2/15, net 30, but routinely takes 70 days to pay its bills. (Because the retailer is an important customer, suppliers allow the firm to stretch its credit terms.) What is the retailer's effective cost of trade credit? Assume a 365-day year. Do not round intermediate calculations. Round your answer to two decimal places. ? Help 13.54% N Give Feedback Hide Feedback Incorrect 1 2 Check My Work O- Icon Key A+ Problem 16-04 (Cost of Trade Credit) Question 4 of 8 Save Submit Assignment for Grading