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  3. 1. mavericks cosmetics buys $3,960,031 of product

1. Mavericks Cosmetics buys $3,960,031 of product (net of discounts) on terms of 7/10, net...

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Finance

1.

Mavericks Cosmetics buys $3,960,031 of product (net of discounts) on terms of 7/10, net 60, and it currently pays on the 10th day and takes discounts. Mavericks plans to expand, and this will require additional financing. If Mavericks decides to forego discounts, what would the effective percentage cost of its trade credit be, based on a 365-day year?

Answer in % terms to 2 decimal places.

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