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If a firm purchases raw materials from its supplier on a 310 n50 term the approximate annual interest rate using 360day year of giving up a cash discount and making payment on the 60th day is

If a firm purchases raw materials from its supplier on a 3/10, n/50 term, the approximate annual interest rate (using 360-day year) of giving up a cash discount and making payment on the 60th day is
A. 22.27 percent    C. 18.37 percent
B. 27.84 percent    D. 14.69 percent

Jun 20 2021 View more View Less

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