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Hendricksons suppliers offer him a 3% trade discount if he pays for his purchases within 12 days. Due to cash flow problems, Mr. Hendrickson presently

Hendricksons suppliers offer him a 3% trade discount if he pays for his purchases within 12 days. Due to cash flow problems, Mr. Hendrickson presently takes about 45 days to pay back his suppliers. What is the implied annualized rate (APR) that Mr. Hendrickson is paying on his short-term debt?

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34.21%

22.58%

3.0%

36.0%

3.09%

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