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Please show steps/work with formulas or excel Credit terms. Find the effective annual rate of the following credit terms: a. 2.2% discount if paid within
Please show steps/work with formulas or excel
Credit terms. Find the effective annual rate of the following credit terms: a. 2.2% discount if paid within 5 days or net within 30 days b. 1.3% discount if paid within 30 days or net within 60 days c. 0.6% discount if paid within 20 days or net within 45 days d. 0.7% discount if paid within 25 days or net within 30 days a. What is the effective annual rate of a 2.2% discount if paid within 5 days or net within 30 days? % (Round to two decimal places.) b. What is the effective annual rate of a 1.3% discount if paid within 30 days or net within 60 days? % (Round to two decimal places.) c. What is the effective annual rate of a 0.6% discount if paid within 20 days or net within 45 days? % (Round to two decimal places.) d. What is the effective annual rate of a 0.7% discount if paid within 25 days or net within 30 days? % (Round to two decimal places.)Step by Step Solution
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