The D$.$J$.$ Masson Corporation needs to raise $$300,000$ for $1$ year to supply working capital to a new store. Masson buys from its suppliers on terms of $2/10,$ net $90,$ and it currently pays on the $10$th day and takes discounts. However, it could forgo the discounts, pay on the $90$th day, and thereby obtain the needed $$300,000$ in the form of costly trade credit. What is the effective annual interest rate of this trade credit? Assume a $365-$day year. Do not round intermediate calculations. Round your answer to two decimal places.

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