FINANCE 510 – Greshak Inc. purchases $4,562,500 in goods per year from its sole supplier

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FINANCE 510 – Greshak Inc. purchases $4,562,500 in goods per year from its sole supplier

Greshak Inc. purchases $4,562,500 in goods per year from its sole supplier on terms of 2/15, net 50. If the firm chooses to pay on time but does not take the discount, what is the effective annual percentage cost of its non-free trade credit? (Assume a 365-day year.)Select one:a. 20.11%b. 21.17%c. 22.28%d. 23.45%e. 24.63%