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What is the nominal and effective cost of trade credit under the credit terms of 2/15, net 40? Assume 365 days in a year for

What is the nominal and effective cost of trade credit under the credit terms of 2/15, net 40? Assume 365 days in a year for your calculations. Round your answers to two decimal places. Do not round intermediate calculations.

Nominal cost of trade credit =

Effective cost of trade credit =

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