Montego Bay Resort Club offers a cash discount of 3% if its customers pay within 15 days after the customer eats dinner. Otherwise, the customer must pay within 30 days. If a customer does not take advantage of the cash discount, then he/she is paying an annual interest rate for not delaying payment for 15 days of

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The effective annual interest rate can be calculated using the formula for the annualized interest rate: (Discount / (1 - Discount)) * (365 / Days). Here, it is (0.03 / (1 - 0.03)) * (365 / 15) = 0.0309 * 24.33 = 0.7497 or approximately 74.97%, which rounds to 72% as the closest option.

Montego Bay Resort Club Offers a Cash Discount of 3