Durham Cement, Inc. buys on terms of 2/15, net 30 days. It does not take discounts, and it typically pays 60 days after the invoice date. Net purchases amount to $720,000 per year. What is the nominal annual cost of its non-free trade credit? (Assume a 365-day year.)

Clearly identify your answer: The nominal annual cost of its non-free trade is ______. Round your answers to 2 decimal places. XX.XX % Show your work.