Cullumber Supply Company purchased merchandise with an invoice price of $ 4 1 0 0 and credit terms of 1 1 0 , n 3 0 Assuming a 3 6 0 day year, what is the implied annual interest rate inherent in the credit terms

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Cullumber Supply Company purchased merchandise with an invoice price of $ 4 1 0 0 and credit terms of 1 / 1 0 , n

Cullumber Supply Company purchased merchandise with an invoice price of $

4100

and credit terms of

1 / 10,

/ 30 .

Assuming a

360 -

day year, what is the implied annual interest rate inherent in the credit terms?

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