Question
Question 19(1 point) Assume that its trade credit terms are 2/10, net 60 and Mackenzie pays on day 35. Using a 365 day year, what
Question 19(1 point)
Assume that its trade credit terms are 2/10, net 60 and Mackenzie pays on day 35. Using a 365 day year, what is Mackenzie's Effective Annual Rate (EAR) cost of trade credit?
Your Answer:
Please use this formula provided by the instructor, (1 + {N}/(100 -{N}))^(365/(365-{DP})) - 1
The answer to initial similar question was wrong. The correct answer is 1.090
Thank you
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The Legal Environment Today Summarized Case Edition
Authors: Roger LeRoy Miller
8th Edition
130526276X, 978-1305279407, 1305279409, 978-1305704930, 1305704932, 978-1305262768
