Effective annual rate of stretching accounts payable

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C++ Notes is booming, and it needs to raise more capital. The company purchases supplies from a single supplier on terms of 1/10, net 20 days, and it currently takes the discount. One way of getting the needed funds would be to forgo the discount, and C++'s owner believes she could delay payment to 40 days without adverse effects. What is the effective annual rate of stretching the accounts payable?

Reference no: EM1361274

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