Suppose a firm makes purchases of $2.92 million per year under terms of 3/10, net 30, and takes discounts. Assume a 365-day year. Do not round intermediate calculations a. What is the average amount of accounts payable net of discounts (Assume that the $2.92 million of purchases is set of discounts-that is, gross purchases are $3,010,309 28. dcounts are $90,30928, and net purchases are $2.92 million) Round your answer to the nearest dollar. $ b. Is there a cost of the trade credit the firm uses? 1. There is no cost of trade credit at this point. The firm is using "free" trade credit 11. The cost of the trade credit is $240,000 Select- : c. If the firm did not take discounts but it did pay on the due date, what would be its average payables? Round your answer to the nearest della $ If the firm did not take discounts but it did pay on the due date, what would be its nominal cost? Round your answer to two decimal paces * If the firm did not take discounts but it did pay on the due date, what would be its effective cost? Round your answer to two decimal places % d. What would be the firm's cost of not taking discounts if it could stretch its payments to 37 days? Round your answers to two decimal places. Nominal cost Effective cost