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A large retailer obtains merchandise under the credit terms of1/15, net 40, but routinely takes 55 days to pay its bills.(Because the retailer is an important customer, suppliers allow thefirm to stretch its credit terms.) What is the retailer's effectivecost of trade credit? Assume 365 days in year for yourcalculations. Do not round intermediate calculations. Round youranswer to two decimal places.
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