The Thompson Corporation projects an increase in sales from $$1\mathrm{.}5$ million to $$2$ million, but it needs an additional $$350,000$ of current assets to support this expansion. Thompson can finance the expansion by no longer taking discounts, thus increasing accounts payable. Thompson purchases under terms of $2/10,$ net $30,$ but it can delay payment for an additional $40$ days $-$ paying in $70$ days and thus becoming $40$ days past due $-$ without a penalty because its suppliers currently have excess capacity. What is the effective, or equivalent, annual cost of the trade credit? Assume a $365-$day year. Do not round intermediate calculations. Round your answer to two decimal places.