the d.j. masson corporation needs to raise $600,000 for 1 year to supply working capital to a new store. masson buys from its suppliers on terms of 3/10, net 80, and it currently pays on the 10th day and takes discounts. however, it could forgo the discounts, pay on the 80th day, and thereby obtain the needed $600,000 in the form of costly trade credit. what is the effective annual interest rate of this trade credit? assume a 365-day year. do not round intermediate calculations. round your answer to two decimal places.