A merchant receives an invoice for $50,000 with terms 3/30 n/y where y is expressed in days.

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A merchant receives an invoice for $50,000 with terms 3/30 n/y where y is expressed in days. The highest simple interest rate at which he can afford to borrow money in order to take advantage of the discount is r = 10%. Determine y.

Related Book For answer-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Posted Date: Feb 29, 2024 11:51 PM

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A merchant receives an invoice for $50,000 with terms 3/30 n/y where y is expressed in days.

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Contemporary Business Mathematics with Canadian Applications

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