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Pets Store Inc. sells on terms of 1/10, net 55. What is the effective annual cost of trade credit under these terms? Use a 365-day

Pets Store Inc. sells on terms of 1/10, net 55. What is the effective annual cost of trade credit under these terms? Use a 365-day year. Round the answer to two decimal places in percentage form. Please choose the correct answer from the list (14.25%; 12.58%; 8.49%; 15.47%; 22.23%)

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