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Your Company gives customers terms of 3 % off for payments within 1 0 days of invoicing and full price if paid in 4 0

Your Company gives customers terms of 3% 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?

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