Suppose a firm makes purchases of $3.942 million per year under terms of 3/10, net 30, and takes discounts. Assume a 365-day year. Do not round intermediate calculations. What is the average amount of accounts payable net of discounts? (Assume that the $3.942 million of purchases is net of discounts - that is, gross purchases are $4,063,917.53, discounts are $121,917.53, and net purchases are $3.942 million.) Round your answer to the nearest dollar. $ Is there a cost of the trade credit the firm uses? I. The cost of the trade credit is $324,000. II. There is no cost of trade credit at this point. The firm is using "free" trade credit. -Select- 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 dollar. $ 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 places. % 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. % What would be the firm's cost of not taking discounts if it could stretch its payments to 44 days? Round your answers to two decimal places. Nominal cost: % Effective cost: %