What is the effective annual percentage cost of its, Financial Management

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What is the effective annual percentage cost of its

Bumpas Enterprises purchases $4,562,500 in goods per year from its sole supplier on terms of 2/15, net 55. If the firm chooses to pay on time but does not take the discount, what is the effective annual percentage cost of its non-free trade credit? (Assume a 365-day year.) a. 18.62% b. 24.49% c. 17.00% d. 19.03% e. 20.24%

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