Mavericks Cosmetics buys $4,219,652 of product (net of discounts) on terms of 10/10, net 60, and it currently pays on th

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answerhappygod
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Mavericks Cosmetics buys $4,219,652 of product (net of discounts) on terms of 10/10, net 60, and it currently pays on th

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Mavericks Cosmetics buys $4,219,652 of product (net ofdiscounts) on terms of 10/10, net 60, and it currently pays on the10th day and takes discounts. Mavericks plans to expand, andthis will require additional financing. If Mavericks decidesto forego discounts, what would the effective percentage cost ofits trade credit be, based on a 365-day year?
Answer in % terms to 2 decimal places.
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