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problem: Delta Industries purchases on terms of 2/10, net 30, but generally does not pay until 40 days after the invoice date. The company purchases $1,080,000 net in materials per year. [Use a 360 day year] Determine the effective annual cost of not taking the discount?

[A]      25.4%

[B]      24.7%

[C]      27.4%

[D]      26.5%

[E]      23.5%

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