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Danforth Mills purchases $5,200,000 in goods per year from its sole supplier on terms of 2/5th, net 30th. If the firm chooses to pay on

Danforth Mills purchases $5,200,000 in goods per year from its sole supplier on terms of 2/5th, net 30th. If the firm chooses to pay on time but does not take the discount, what is the annual percentage cost of its non-free trade credit?

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