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ggarwal Inc. buys on terms of 3/15, net 60 , and it always pays on the 60 th day. The CFO calculates that the average

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ggarwal Inc. buys on terms of 3/15, net 60 , and it always pays on the 60 th day. The CFO calculates that the average amount of costly trade credit carried is $650,000. What is the firm's average accounts payable balance? Assume a 365-day year. a. $788,125 b. $860,167 c. $742,857 d. $812,500 e. $866,667

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