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Grunewald Industries sells on terms of 1/10, net 40. Gross sales last year were $4,126,500 and accounts receivable averaged $448,000. Half of Grunewald's customers paid

Grunewald Industries sells on terms of 1/10, net 40. Gross sales last year were $4,126,500 and accounts receivable averaged $448,000. Half of Grunewald's customers paid on the 10th day and took discounts. What are the nominal and effective costs of trade credit to Grunewald's nondiscount customers? (Hint: Calculate daily sales based on a 365-day year, calculate the average receivables for discount customers, and then find the DSO for the nondiscount customers.) Do not round intermediate calculations. Round your answers to two decimal places.

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