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Ace Plumbing Supply

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You just moved into town and plan to start a new plumbing repair business. You go to Ace Plumbing Supply and they offer you the following credit terms, 2/10 net 40. What is your annual cost of the trade credit offer? Assume a 360 day calendar year.

Ans. _________%

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This solution is comprised of a detailed explanation to answer what is your annual cost of the trade credit offer.