Wil Corporation needs to raise Php200,000 for one year to supply working capital to a new store. Wil buys from its suppliers on terms of 2/10, net 45, and it currently pays on the 10thday and takes discounts, but it could forgo discounts, pay on the 45thday, and get the needed Php 200,000 in the form of costly trade credit. Alternatively, Wil could borrow from its bank on a 12 percent discount interest rate basis. What is the effective annual interest rate of the lower-cost source?