Firms usually offer their customers some form of trade credit. This allowance comes with certain terms of credit. These terms will affect the cost of the asset for both the buyer and the seller. Consider the following case. Blue Elk Manufacturing buys most of its raw materials from a single supplier. This supplier sells to Blue Elk on terms of 4/10, net 30. The cost per period of the trade credit extended to Blue Elk, rounded to two decimal places, is 4.00% assuming a 360-day year. (Note: Blue Elk's trade credit has a nominal annual cost-expressed as an annual percentage rate (APR)-of 75.06% Round all intermediate calculations to four decimal places, and your final answer to two decimal places.) If Blue Elk's supplier shortens the discount period to five days, this will decrease the cost of the trade credit