When Balogh Industrial sells to customers on account, it requires that all accounts be paid in full within 30 days. In addition, Balogh offers a 2 percent cash discount to customers who pay off their accounts within 10 days. What is the firm's nominal cost of trade credit? Assume a 365-day year.
A) 33.96%
B) 35.11%
C) 36.40%
D) 37.24%
E) 38.02%

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The Answer of When Balogh Industrial sells to customers on account, it requires that all accounts be paid in full within 30 days. In addition, Balogh offers a 2 percent cash discount to customers who pay off their accounts within 10 days. What is the firm's nominal cost of trade credit? Assume a 365-day year.
A) 33.96%
B) 35.11%
C) 36.40%
D) 37.24%
E) 38.02%

When Balogh Industrial Sells to Customers on Account, It Requires