Lima Corporation makes purchases on credit, and its suppliers grant it credit terms of 2/15, net 30. Assuming there are 360 days in a year, the effective annual rate of non-free trade credit if the firm did not take discounts but did pay on the due date is: (Round your answer to two decimal places.)
A. 17.53%.
B. 78.87%.
C. 52.78%.
D. 27.42%.
E. 62.40%.
Answer: E
Business
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