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Q1. Newsome Inc. buys on terms of 4/10, net 45. It does not take the discount, and it generally pays after 65 days. What is

Q1. Newsome Inc. buys on terms of 4/10, net 45. It does not take the discount, and it generally pays after 65 days. What is the effective (not nominal) annual percentage cost of its non-free trade credit, based on a 365-day year?

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