Flow Valve Co. purchased $100,000 of goods on credit from SteelGrinder Corp. on credit terms...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Flow Valve Co. purchased $100,000 of goods on credit from SteelGrinder Corp. on credit terms of 2/9, n/40. In order to determine the value of the discount being offered by SteelGrinder, compute the annual interest rate associated with the sales discount. [Assume 365 days in a year. Do not round intermediate calculations. Enter your answer, without a % sign, rounded to 2 decimal places. For example, if you believe the correct answer is 11.214%, enter your answer as 11.21] Numeric Response
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
