Credit Terms. With this equation is not adding up. Am I doing something wrong? What shows is the correct answers but I got them all wrong. please explain equation and step by step.

Sorry, that's not correct. The effective annual rate can be found by using the following equation 365 days between payment dates discount rate effective annual rate 1 discount rate Make sure to calculate using the discount rate in decimal form. Remember to enter the effective rate in percentage form to two decimal places. OK Credit terms. Find the effective annual rate of the following credit terms: a. 2.3% discount if paid within 5 days or net within 30 days b. 5% discount if paid within 30 days or net within 60 days c. 0.6% discount if paid within 14 days or net within 45 days d. 0.8% discount if paid within 18 days or net within 30 days a. What is the effective annual rate of a 2.3% discount if paid wthin 5 days or net within 30 days? 40.46 (Round to two decimal places.) b. What is the effective annual rate of a 1.5% discount if paid within 30 days or net within 60 days? 20.19% (Round to two decimal places.) c. What is the effective annual rate of a 0.6% discount if paid within 14 days or net within 45 days? 7.34 (Round to two decimal places. d. What is the effective annual rate of a 0.8% discount if paid within 18 days or net within 30 days? 27.67% (Round to two decimal places.)