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Neveready Flashlights, Inc. needs $ 3 0 0 , 0 0 0 to take a cash discount of 2 / 1 0 , net 7

Neveready Flashlights, Inc. needs $

300, 000

to take a cash discount of

2 / 10,

net

70 .

A banker will loan the money for

60

days at an interest cost of $

5, 500 .

.

What is the annual rate on the bank loan?

.

What is your effective annual rate?

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