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Scott Company purchased merchandise with an invoice price of $3000 and credit terms of 1/10, n/30. Assuming a 360 day year, what is the implied

Scott Company purchased merchandise with an invoice price of $3000 and credit terms of 1/10, n/30. Assuming a 360 day year, what is the implied annual interest rate inherent in the credit terms?

20%

24%

18%

36%

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