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Testbank Multiple Choice Question 88 If a company purchases merchandise on terms of 1.7 / 10 , n/30, the cash discount available (assuming a 360-day

Testbank Multiple Choice Question 88

If a company purchases merchandise on terms of 1.7/10, n/30, the cash discount available (assuming a 360-day year) is equivalent to an effective annual interest rate of

1.7%.

23.4%.

30.6%.

54.0%.

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