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A firm buys on terms of 3/15,net 45.It does not take the discount,and it generally pays after 85 days.What is the nominal annual percentage cost of its non-free trade credit,based on a 365-day year?
Political Candidates
Individuals who run for office in governmental elections, seeking to hold a position within a government body.
Consumer Sovereignty
The theory that consumer preferences determine the production of goods and services, making consumers the driving force of the economy.
Fundamental Economic Question
The basic inquiries regarding how a society decides on the allocation of scarce resources to satisfy unlimited wants.
Market System
An economic system where decisions regarding investment, production, and distribution are based on supply and demand.
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