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TrainWorld buys on terms of 2.5/15, net 40. It does not take the discount and it generally pays after 40 days. What is the nominal

TrainWorld buys on terms of 2.5/15, net 40. It does not take the discount and it generally pays after 40 days. What is the nominal annual percentage cost of its non-free trade credit, based on a 365-day year?

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