FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Emergency Fund
The emergency fund is an amount that is kept aside to meet financial emergencies such as medical expenses and debt settlements. Emergency funds reduce the burden on people during their hardships. People save small portions of their earnings or paychecks …
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27) can i please get help?

 

A firm offers credit terms of 3/15, net 40. What is the effective annual rate on the credit extended if a customer foregoes the discount on a $5,000 purchase? Assume that there are 365 days in one year. (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit the % sign in your response. For example, an answer of 15.39% should be entered as 15.39.) Numeric Response 34.31
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Transcribed Image Text:A firm offers credit terms of 3/15, net 40. What is the effective annual rate on the credit extended if a customer foregoes the discount on a $5,000 purchase? Assume that there are 365 days in one year. (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit the % sign in your response. For example, an answer of 15.39% should be entered as 15.39.) Numeric Response 34.31
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