What is the nominal and effective cost of trade credit, Finance Basics

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What is the nominal and effective cost of trade credit

Question: Cost of Trade Credit

What is the nominal and effective cost of trade credit under the credit terms of 3/10, net 40? Assume 365 days in a year for your calculations. Round your answers to two decimal places. Do not round intermediate calculations.

Nominal cost of trade credit %

Effective cost of trade credit %

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