Company X sells on a 6/26, net 65, basis. Customer Y buys goods with an...
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Company X sells on a 6/26, net 65, basis. Customer Y buys goods with an invoice of $1,170. a. How much can Y deduct from the bill if it pays on day 26? (Round your answer to 1 decimal place.) Discount $ b. How many extra days of credit can Y receive if it passes up the cash discount? (Round your answer to the nearest whole.) Extra days of credit c. What is the effective annual rate of interest if Y pays on the due date rather than day 26? (Round your answer to 2 decimal places.) Effective annual rate of interest %
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