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Newsome Inc. buys on terms of 4/10, net 45. It does not take thediscount, and it generally pays after 55 days. What is theeffective (not nominal) annual percentage cost of its non-freetrade credit, based on a 365-day year? Enter your answer rounded totwo decimal places. Do not enter % in the answer box. For example,if your answer is 0.12345 or 12.345% then enter as 12.35 in theanswer box.
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