Explain step by step how to do it :)

1. Complete the following for the term of trade 1/10 Net 30. (a) Complete the diagram below illustrating the terms of trade. Where X represents the full amount due. 0 (b) Using the fundamental formula FV = PV(1+i)", write down an equation to find the effective annual interest rate. (c) Solve the equation (you may use a financial calculator, excel, or a solver) and write down the effective interest rate