What is the nominal annual cost of not taking the discount, Accounting Basics

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What is the nominal annual cost of not taking the discount

Question:

Newton Corporation is offered trade credit terms of 3/15, net 45. The firm does not take advantage of the discount, and it pays the account after 67 days. Using a 365-day year, what is the nominal annual cost of not taking the discount?

1. 18.2%
2. 21.71%
3. 23.48%
4. 26.45%

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Accounting Basics: What is the nominal annual cost of not taking the discount

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Accounting Basics: What is the nominal annual cost of not taking the discount

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