(Answered) Help solving - i do not have a financial calculator and

Management Studies

Help solving - I do not have a financial calculator and don't understand how to calculate the solution.

Pets Store Inc. sells on terms of 1/15, net 90. What is the effective annual cost of trade credit under these terms? Use a 365-day year.

Effective annual cost of trade credit a/b, net c

=[(1+(a/(100-a))^(365/(c-b))] - 1

=[(1+(1/(100-1))^(365/(90-15))] - 1 =5.01%

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