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Eastman Corporation sells merchandise with a list price of $12,000 on February 1, 2019, with terms of 1/10, n/30. On February 10, 2019, payment was

Eastman Corporation sells merchandise with a list price of $12,000 on February 1, 2019, with terms of 1/10, n/30. On February 10, 2019, payment was received on merchandise originally billed for $7,000, and the balance due was received on March 1, 2019.

Next Level What implied annual interest rate is Eastmans customer incurring by failing to take the cash (sales) discount? (Assume a 365-day year.)

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