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What is the nominal annual percentage cost

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Cash Poor, Inc. (CPI) buys on terms of 2/15, net 45. CPI does not take the discount, and it generally pays after 50 days. What is the nominal annual percentage cost of its non-free trade credit, based on a 365-day year? Enter your answer rounded to two decimal places. Do not enter % in the answer box. For example, if your answer is 0.12345 or 12.345% then enter as 12.35 in the answer box.

Reference no: EM132504595

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