A firm offers credit terms of 1/5, net 15. What is the effective annual rate...
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Finance
A firm offers credit terms of 1/5, net 15. What is the effective annual rate on the credit extended if a customer foregoes the discount on a $2,000 purchase?
Multiple Choice
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31.23%
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47.98%
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36.00%
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44.31%
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27.70%
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