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Suppose Radio Shack receives a bill with credit terms of 2 / 3 0 , net 4 0 . What is Radio Shack's effective annual

Suppose Radio Shack receives a bill with credit terms of

2 / 30,

net

40 .

What is Radio

Shack's effective annual interest rate

(

EIR

)

if it skips the discount and pays at the end of the total credit

period? Use a

365 -

day year.

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