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If a firm buys under terms of 3/15, net 40, but actually pays on the 20th day and still takes the discount , what is

If a firm buys under terms of 3/15, net 40, but actually pays on the 20th day and still takes the discount, what is the nominal cost of its nonfree trade credit? Assume a 365-day year. Do not round intermediate calculations. Round your answer to two decimal places.

________%

(15.55% is the wrong answer)

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