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What is the effective annual rate of interest for company x

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Company X sells on a 1/29, net 70, basis. Customer Y buys goods with an invoice of $840.

Problem 1: How much can Y deduct from the bill if it pays on day 29? (Round your answer to 1 decimal place.)

Problem 2: How many extra days of credit can Y receive if it passes up the cash discount? (Round your answer to the nearest whole.)

Problem 3: What is the effective annual rate of interest if Y pays on the due date rather than day 29?

Reference no: EM132965229

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