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Your supplier has offered you a 2/10 net 45 credit term for your recent purchase. If you take the discount offered, you will pay

Your supplier has offered you a 2/10 net 45 credit term for your recent purchase. If you take the discount offered, you will pay on day 10, otherwise you will pay on day 45. What is the annual cost of giving up this cash discount? Assume a 360-day year.

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