Arnold Inc. purchases merchandise on terms of 2/10 net 30, and it always pays on the 30th day. The CFO calculates that the average amount of costly trade credit carried is $375,000. What is the firm's average accounts payable balance? (Assume a 365-day year.)
A. $458,160
B. $482,273
C. $507,656
D. $534,375
E. $562,500
Answer: E
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