Mister Fun owns a retail business, he wants to sell on credit and give his customers 90 days to pay, however, Mister Fun will need to borrow from his local bank to carry the accounts receivable. The bank decides that they will charge a nominal rate of 15% that will compound monthly. Mister Fun decides to quote a nominal rate to his customers that will balance out the financing costs... What nominal annual rate should be quoted to the credit customers?