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Implicit interest cost of foregoing the cash discount

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Ben's Bulk Barn sells wholesale wholefoods and one of its suppliers is offering the opportunity to purchase product on credit terms of net 30 days from the invoice date with a 1.4% cash discount if paid within 3 days. What is the implicit interest cost of foregoing the cash discount? (Important: Please enter to the nearest 10th of a percent. For example, 10.1% should be entered in as .101)

Reference no: EM132654832

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