Answers
Solution:
Cost of giving up the dicount is 37.24%, whereas tha cost of borrowing is 7%, hence Norman should borrow the money and pay off the account payable within the discount period.
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Annual Discount percentage - Formula Discount %/(100-Discount %) < (360/Allowed payment days - Discount days) 365 Discount % 2% 100-2% 98.00% Allowed Payment Days 30 Discount Days 10 Annual Discount Percentage 37.24%
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