TrainWorld buys on terms of 2.5/15, net 40. It does not take the discount and it generally pays afte

TrainWorld buys on terms of 2.5/15, net 40. It does not take the discount and it generally pays after 40 days. What is the nominal annual percentage cost of its non-free trade credit, based on a 365-day year?

Answer choices:

29.62%

35.34%

31.15%

37.38%

 

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