FI515 Financial Management Week 8 Final: (TCO C) Bumpas Enterprises purchases

FI515 Financial Management
Week 8 Final

(TCO C) Bumpas Enterprises purchases $4,562,500 in goods per year from its sole supplier on terms of 2/15, net 50. If the firm chooses to pay on time but does not take the discount, what is the effective annual percentage cost of its nonfree trade credit? (Assume a 365-day year.)
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