The D.). Muston Corporation needs to raise $300,000 for 1 year to supply working capital to a new store Massan buys from its suppliers on term of VI set 70, and it currently pays on the 10th day and takes discounts. However, it could forgo the discounts, pay on the 70th 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 credit7 Assume a 365-day year. Do not round intermediate calculations. Round your answer to twomal places The D.). Muston Corporation needs to raise $300,000 for 1 year to supply working capital to a new store Massan buys from its suppliers on term of VI set 70, and it currently pays on the 10th day and takes discounts. However, it could forgo the discounts, pay on the 70th 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 credit7 Assume a 365-day year. Do not round intermediate calculations. Round your answer to twomal places