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What are the nominal and effective costs of trade credit under the credit terms of 3/20, net 40? Assume a 365-day year. Do not round
What are the nominal and effective costs of trade credit under the credit terms of 3/20, net 40? Assume a 365-day year. Do not round intermediate calculations. Round your answers to two decimal places. Nominal cost of trade credit: % Effective cost of trade credit: %.
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