Company X sells on a 1/20, net 60, basis. Company Y buys goods with an invoice of
Question:
Company X sells on a 1/20, net 60, basis. Company Y buys goods with an invoice of $1,000.
a. How much can company Y deduct from the bill if it pays on day 20?
b. How many extra days of credit can company Y receive if it passes up the cash discount?
c. What is the effective annual rate of interest if Y pays on the due date rather than day 20?
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Related Book For 
Fundamentals of Corporate Finance
ISBN: 978-1259722615
9th edition
Authors: Richard Brealey, Stewart Myers, Alan Marcus
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