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Newsome Inc. buys on terms of 4/10, net 45. It does not take the discount, and it generally pays after 75 days. What is the

Newsome Inc. buys on terms of 4/10, net 45. It does not take the discount, and it generally pays after 75 days. What is the effective (not nominal) annual percentage cost of its non-free trade credit, based on a 365-day year? Enter your answer rounded to two decimal places.

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