Your firm is offered credit terms of $3/20,$ net $60.$ What is the effective annual interest rate on this

arrangement? Assume $365$ days per year.

a$.24\mathrm{.}64\%$

b$.32\mathrm{.}04\%$

c$.27\mathrm{.}38\%$

d$.34\mathrm{.}06\%$