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What is the effective annual rate of

1. The terms of the sale were 2/5, net 41. What is the effective annual rate of interest?

2. ABC Corp. currently has an inventory turnover of 10, a payables turnover of 7.18, and a receivables turnover of 14.6. How many days are in the operating cycle?

3. ABC Company writes 30 checks a day for an average amount of $793 each. These checks generally clear the bank in 6 days. In addition,the firm generally receives an average of $8,225 a day in checks that are deposited immediately.Deposited funds are available in 2 days. What is the firm's net float?

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