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A large retailer obtains merchandise under the credit termis of 3/10, net 40 , but routinely takes 60 days to pay its bils, (Because the

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A large retailer obtains merchandise under the credit termis of 3/10, net 40 , but routinely takes 60 days to pay its bils, (Because the retelier is an important customer, suppliers allow the firm to stretch its credit tetms.) What is the retailer's effective cont of trade credit? Assume a 365 -day year. Do not round intermediate calcilations. Round your answer to two decimal places

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