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Your Company gives customers terms of 2% off for payments within 10 days of invoicing and full price if paid in 40 days. So, on
Your Company gives customers terms of 2% off for payments within 10 days of invoicing and full price if paid in 40 days. So, on a $100 sale, a customer pays an extra $3 to pay 30 days later. What is the implied interest rate for the customer on an annual basis? (Assume 360 days per year.) (Answer to two decimals, in percent, without the percentage sign, for example, XX.XX)
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