Question: Question 3 0 / 1 point Pets Store Inc. sells on terms of 1/20, net 85. What is the effective annual cost of trade credit

Question 3 0 / 1 point

Pets Store Inc. sells on terms of 1/20, net 85. What is the effective annual cost of trade credit under these terms? Use a 365-day year. Round the answer to two decimal places in percentage form.(Write the percentage sign in the "units" box)

Wrong Answer: 1.05Correct Answer: -5.81 %

Used this formula=1+(1/(100-1))^(365/85-20)-1

But still got it wrong

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