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What will be the nominal annual percentage cost

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Luckenbach industries has been offered credit terms of 2/15, net 30 days. Answer the following:

a)What will be the nominal annual percentage cost of its non-free credit if it pays 60 days after the purchase? (Assume a 365-day year.)

b)What is the effective annual percentage cost of its non-free trade credit if it pays 60 days after the purchase? (Assume a 365-day year.)

Reference no: EM13515219

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