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Grunewald Industries sells on terms of 3/10.net 60. Gross sales last year were $4,526,000 and accounts receivable averaged $558,000 Half of Grunewald's customers paid on

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Grunewald Industries sells on terms of 3/10.net 60. Gross sales last year were $4,526,000 and accounts receivable averaged $558,000 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? Mint Calculate daily sales based on a 365-day year calculate the average receivables for discount customers, and then find the so for the nondiscount customers.) Do not round intermediate calculations, Round your answers to two decimal places Nominal cost of trade credit: 56.44 Effective cost of trade credit 0 %

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