Effectlve Cost of Trade Credit The D. . Masson Corporation needs to ralse $500,000 for 1 year to supply working capital to a new store. Masson buys from lts suppliers on tems of 2 /10, net 85, and it currently pays on the 10th day and takes discounts. However, it could forgo the discounts, poy on the 8sth dsy, and thereby abtain the needed $500,000 in the form of costly trede credit. What is the effective annual interest rate of this trade credit? Assume a 365 -day year. Do not round intermedinte calculations. Round your answer to two dedmal places