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Lowell Corporation buys on terms of 2/8, net 40 days, it does not take discounts, and it actually pays after 40 days. What is the

Lowell Corporation buys on terms of 2/8, net 40 days, it does not take discounts, and it actually pays after 40 days. What is the effective annual percentage cost of its non-free trade credit? (Use a 365-day year.)

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