Achinese exporter sells $200,000 of toys to a french importer. the chinese exporter requires the french importer to obtain a letter of credit. when the bank accepts the draft, the exporter discounts the 90-day note at a 4 percent discount. what is the exporter's true effective annual financing cost?

Fortress international, a large conglomerate, procures a few component parts from external suppliers and also manufactures some of the key raw materials in its own subsidiaries. aside from this, the company does not solely depend on outside distributors to reach its customers. in fact, it has its own retail stores to distribute its products. in this scenario, which of the following alternatives to vertical integration is fortress international applying? a. concentric integration b. taper integration c. horizontal integration d. conglomerate integration