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University Company buys on terms of 1.5/15, net 30 days, does not take discounts, and pays after 38 days. What is the effective annual percentage
University Company buys on terms of 1.5/15, net 30 days, does not take discounts, and pays after 38 days. What is the effective annual percentage cost of its non-free trade credit? (Use a 365-day year.)
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