$1.$ XYZ Company Limited needs to raise $$250,000$ for $1$ year to supply working capital to a new store. XYZ buys from its suppliers on terms of $3/10,$ net $90,$ and it currently pays on the $10$th day and takes discounts. However, it could forgo the discounts, pay on the $90$th day, and thereby obtain the needed $$500,000$ in the form of costly trade credit.What is the effective annual interest rate of this trade credit?