Mahrouq Technologies buys $10,933,616 of materials (net of discounts) on terms of 6/30, net 60, and it currently pays after 5 days and takes discounts. Mahrouq plans to expand, and this will require additional financing. If Mahrouq decides to forego discounts and thus to obtain additional credit from its suppliers, calculate the nominal cost of that credit.

Answer in % terms to 2 decimal places (no % sign).