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( Effective annual rate ) Compute the cost of the following trade credit terms using the compoundingformula, or effective annual rate. Note : Assume a30-day

(Effective annual rate) Compute the cost of the following trade credit terms using the compoundingformula, or effective annual rate. Note: Assume a30-day month and360-day year.

b. 3/15, net 30

c. 3/15, net 45

d. 2/15, net 60

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