Yesterday, Smiley Company sold $22,500 of merchandise on credit. The invoice was sent today with the terms, 3/10 net 40. This customer normally pays on the net date. What is the effective rate of interest the customer is paying by not taking the discount? Assume a 365-day year.

	A.	45.38%
	B.	44.86%
	C.	42.31%
	D.	40.54%
	E.	39.27%