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Procter & Gamble Company offers its customers a cash discount term of 3/15 net 45. If a customer purchases $4 billion worth of merchandise and

  • Procter & Gamble Company offers its customers a cash discount term of 3/15 net 45. If a customer purchases $4 billion worth of merchandise and takes advantage of the discount, how much will they pay? What will be the effective annual interest rate if they choose not to take the discount and pay within the 45-day period?
     

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