Assuming terms of sale are 1/10, net 40 days, what is the annual percentage rate...

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Accounting

Assuming terms of sale are 1/10, net 40 days, what is the annual percentage rate paid by the buyer by not taking this discount if the order is $1,000? Assume a year has 360 days.
8.62%
12.82%
10.97%
12.12%
1.01%

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