The D.J. Masson Corperation needs to taise $600,000 for 1 year to supply working capital to a new store. Masson buys from its suppliers on terms of 1/10, net 80 , and it currentiy pays on the 10th day and takes discounts, However, it could forgo the discounts, pay on the Both day, and thereby obtain the needed $600,000 in the form of costly trade credit. What is the effective annual literest rate of this trade credit? Assume a 365-day year. Do not round intermediate cakulations. Round your answer to two decimal places