21 May WHAT IS THE EFFECTIVE ANNUAL COST OF TRADE CREDIT UNDER THESE TERMS?
Aqua System Inc. expects to have $8,042,360 in credit sales
during the coming year. Currently all checks are sent to the home office. A
proposed lockbox system can eliminate 1 days of float, releasing funds which,
when invested, will earn 14.49 percent per year. What annual savings can Aqua
System expect if the system is implemented? Use a 365-day year.
Round the answer to two decimal places
Question 2 1
/ 1 point
Book Depot Inc. sells on terms of 2/20, net 30. What is the
implicit cost of trade credit under these terms? Use a 365-day year.
Round the answer to two decimal places in percentage form.
(Write the percentage sign in the “units” box)
Question 3 1
/ 1 point
Pets Store Inc. sells on terms of 1/15, net 85. What is the
effective annual cost of trade credit under these terms? Use a 365-day year.
Round the answer to two decimal places in percentage form.
(Write the percentage sign in the “units” box)
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