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CIMA Exam CIMAPRA19-F01-1 Topic 2 Question 35 Discussion
Actual exam question for
CIMA's
CIMAPRA19-F01-1 exam
Question #: 35
Topic #: 2
[All CIMAPRA19-F01-1 Questions]
Topic #: 2
EF has been offering its customers a 60 day credit period, but now wants to improve its cash flow.
EF is proposing to offer a 2% discount for payment in 15 days.
Assume a 365 day year and an invoice value of $100.
Which of the following is the effective annual interest rate EF will incur for this action?
Suggested Answer:
B
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