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Flow Valve Co. purchased $100,000 of goods on credit from SteelGrinder Corp. on credit terms...

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Accounting

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Flow Valve Co. purchased $100,000 of goods on credit from SteelGrinder Corp. on credit terms of 2/9, n/40. In order to determine the value of the discount being offered by SteelGrinder, compute the annual interest rate associated with the sales discount. [Assume 365 days in a year. Do not round intermediate calculations. Enter your answer, without a % sign, rounded to 2 decimal places. For example, if you believe the correct answer is 11.214%, enter your answer as 11.21] Numeric Response

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