Lancaster Lumber buys $8 million of materials (net of discounts) on terms of 3/5, net 30, and it currently pays on the 5th day and takes discounts. Lancaster plans to expand, which will require additional financing. Assume 365 days in year for your calculations. If Lancaster decides to forgo discounts, what would be the nominal cost of that credit? Do not round intermediate calculations. Round your answer to two decimal places. % I