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What are the nominal and effective costs of trade credit under the credit terms of 1/20, net 35? Assume a 365-day year. Do not round

What are the nominal and effective costs of trade credit under the credit terms of 1/20, net 35? 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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