A firm offers credit terms of 3/15, net 40. What is the effective annual rate on the credit extended if a customer foregoes the discount on a $5,000 burchase? Assume that there are 365 days in one year. (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit the % sign in your response. For example, an answer of 15.39% should be entered as 15.39.) Numeric Response 34.31

A firm offers credit terms of 3/15, net 40. What is the effective annual rate on the credit extended if a customer foregoes the discount on a $5,000 burchase? Assume that there are 365 days in one year. (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit the % sign in your response. For example, an answer of 15.39% should be entered as 15.39.) Numeric Response 34.31

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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