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Jacob Co. sells merchandise on credit to Isaiah Co. in the amount of $9,700. The...

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Accounting

Jacob Co. sells merchandise on credit to Isaiah Co. in the amount of $9,700. The invoice is dated on May 1 with terms of 1/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount?

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