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eBook Cost of Trade Credit A large retailer obtains merchandise under the credit terms of 1/15, net 35, but routinely takes 70 days to pay

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eBook Cost of Trade Credit A large retailer obtains merchandise under the credit terms of 1/15, net 35, 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

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