Business, 07.11.2019 22:31 kingdesto3481

The d. j. masson corporation needs to raise $700,000 for 1 year to supply working capital to a new store. masson buys from its suppliers on terms of 3/10, net 90, and it currently pays on the 10th day and takes discounts. however, it could forgo the discounts, pay on the 90th day, and thereby obtain the needed $700,000 in the form of costly trade credit. what is the effective annual interest rate of this trade credit? assume a 365-day year. do not round intermediate calculations. round your answer to two decimal places.

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The d. j. masson corporation needs to raise $700,000 for 1 year to supply working capital to a new s...

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