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Your supplier offers terms of 3/20, net 45. What is the effective annual cost of trade credit if you choose to forgo the discount and

Your supplier offers terms of 3/20, net 45. What is the effective annual cost of trade credit if you choose to forgo the discount and pay on day 45? (Hint: Use a 365-day year). The effective annual cost is %. (Rounded to two decimal places.)

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