Purple Turtle Group buys most of its raw materials from a single supplier. This supplier sells to Purple Turtle on terms of 3.5/20, net 45. The cost per period of the trade credit extended to Purple Turtle, rounded to two decimal places, is.
Purple Turtle’s trade credit has a nominal annual cost of , assuming a 365-day year. (Note: Round all intermediate calculations to four decimal places, and your final answer to two decimal places.)
The effective annual rate (EAR) of the supplier's trade credit is
If Purple Turtle Group’s supplier shortens its discount period to five days, this will the cost of the trade credit.
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