Mr. Paul Promptly is a very cautious businessman. His suppliers offer trade credit terms of 3/10, net
Question:
Mr. Paul Promptly is a very cautious businessman. His suppliers offer trade credit terms of 3/10, net 70. Mr. Promptly never takes the discount offered, but he pays his suppliers in 60 days rather than the 70 days allowed so that he is sure the payments are never late. What is Mr. Promptly's cost of not taking the cash discount?
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In this problem Mr Promptly has the use of funds fo...View the full answer
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Related Book For 
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
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