It is typically beneficial for companies to take advantage of early payment discounts allowed on purchases made on credit. To see why this is the case, determine the effective rate of interest associated with not taking advantage of the early payment discount for each of the following situations. Assume in each case that payment is made on the 30th day of the billing cycle. Required: 1. What is the opportunity cost of not taking advantage of the discount associated with purchases made under the following terms: 2.2/10, 1/30? (Do not round intermediate calculations. Enter your final answer as a whole percentage rounded to two decimal places (i.e., .1524 = 15.24%).) Opportunity cost % 2. What is the opportunity cost of not taking advantage of the discount associated with purchases made under the following terms: 1.2/10, n/30? (Do not round intermediate calculations. Enter your final answer as a whole percentage rounded to two decimal places (i.e., .1524 = 15.24%).) Opportunity cost % 3. Which of the following can be considered a good accounting practice? Record purchases at their net-of-discount amount and then record as interest expense or "purchase discounts lost" any cash discounts not taken advantage of Record purchases at their net-of-discount amount and not record any amount for not taking advantage of early payment discount