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TV Depot Inc. sells on terms of 3/10, net 60. What is the implicit cost of trade credit under these terms? Use a 365-day year.

TV Depot Inc. sells on terms of 3/10, net 60. What is the implicit cost of trade credit under these terms? Use a 365-day year. Round the answer to two decimal places in percentage form.

Please choose the correct answer from the list (14.35%; 22.58%; 10.98%; 25.47%; 15.23%)

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