Atlanta Cement, Inc. buys on terms of 3/5, net 15. It does not take discounts, and it typically pays 105 days after the invoice date. 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?

a. 11.29%

b. 10.75%

c. 3.09%

d. 3.65%

e. 11.53%