Question: Please answer only if you are sure, show & explain work so it is understood how to do it. Mavericks Cosmetics buys $4,691,301 of product

Please answer only if you are sure, show & explain work so it is understood how to do it.

Mavericks Cosmetics buys $4,691,301 of product (net of discounts) on terms of 7/10, net 60, and it currently pays on the 10th day and takes discounts. Mavericks plans to expand, and this will require additional financing. If Mavericks decides to forego discounts, what would the effective percentage cost of its trade credit be, based on a 365-day year?

Answer in % terms to 2 decimal places.

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