ABC Company buys raw materials from a supplier on terms of 2/17, net 37. The company does not take the discount, but pays on time to avoid late penalty. Net purchases amount to $720,000 per year. What is the nominal annual percentage cost of its non-free trade credit, based on a 365-day year? Round your answer to two decimal places of percentage, but do not include % in your answer, e.g., xx.xx. (Hint: Use the formula for nominal annual cost of trade credit.)