Nikken Microsystems (A). Assume Nikken Microsystems has sold Internet servers to Telecom Espaa for 704,000. Payment is due in three months and will be made with a trade acceptance from Telecom Espaa Acceptance. The acceptance fee is 1.4% per annum of the face amount of the note. This acceptance will be sold at a 3.8% per annum discount. What is the annualized percentage all-in-cost in euros of this method of trade financing? (NOTE: Assume a 360-day year.) The trade acceptance fee is (Round to two decimal places.)