Question: Show me the steps to solve: The D . J . Masson Corporation needs to raise $ 7 0 0 , 0 0 0 for

Show me the steps to solve:
The D.J. Masson Corporation needs to raise $700,000 for 1 year to supply working capital to a new store. Masson
buys from its suppliers on terms of 210, net 75, and it currently pays on the 10th day and takes discounts. However,
it could forgo the discounts, pay on the 75th day, and thereby obtain the needed $700,000 in the form of costly trade
credit. What is the effective annual interest rate of this trade credit? Assume a 365-day year. Do not round
intermediate calculations. Round your answer to two decimal places.
Show me the steps to solve: The D.J. Masson Corporation needs

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