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Back to Library QID: #3571

Solution for QID #3571: A large retailer obtains merchandise under the credit terms | StudyHelpMe

Subject: Finance

Status: Verified Solution

A large retailer obtains merchandise under the credit terms of 3/10, net 35, but routinely takes 60 days to pay its bills. (Because the retailer is an important customer, suppliers allow the firm to stretch its credit terms.) What is the retailer's effective cost of trade credit? Assume a 365-day year. Do not round intermediate calculations. Round your answer to two decimal places.

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