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Your supplier offers terms of 4/10, net 35. What is the effective annual cost of trade credit if you choose to forgo the discount and

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Your supplier offers terms of 4/10, net 35. What is the effective annual cost of trade credit if you choose to forgo the discount and pay on day 35? (Hint: Use a 365-day year). The effective annual cost is \%. (Rounded to two decimal places.)

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