Question: Hello. Can someone help solve the problem below? CoursHeroTranscribedText: Cast of Trade Credit A large retailer obtains merchandise under the credit terms of 2/15, net

Hello. Can someone help solve the problem below?

CoursHeroTranscribedText: Cast of Trade Credit A large retailer obtains merchandise under the credit terms of 2/15, net 45, but routinely takes 55 days to pay its bills. (Because the retailer is an important customer, suppliers allow the rm to stretch its credit terms.) What is the retailer's effective cost of trade credit? Assume a 365day year. Do not round intermediate calculations. Round your answer to two decimal places. %

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