Question

Lyman Nurseries purchased seeds costing ​$28,000 with terms of 5​/10 net 30 EOM on January 12....

Lyman Nurseries purchased seeds costing

​$28,000 with terms of 5​/10

net 30 EOM on January 12. How much will the firm pay if it takes the cash​ discount? What is the approximate cost of giving up the cash

discount​,

using the simplified​ formula?

The amount the firm will pay if it takes the cash discount is

​$.

​(Round to the nearest​ dollar.)

The approximate cost of giving up the cash​ discount, using the simplified​ formula, is

%.

​(Round to two decimal​ places.)

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