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How much can company y deduct from the bill

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Company X sells on a 3/20, net 90, basis. Company Y buys goods with an invoice of $2,000.

Question a. How much can company Y deduct from the bill if it pays on day 20? (Do not round intermediate calculations.)

Question b. How many extra days of credit can company Y receive if it passes up the cash discount?

Question c. What is the effective annual rate of interest if Y pays on the due date rather than day 20? (Use 365 days in a year. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Reference no: EM132563373

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