Atlanta Cement,Inc.buys on terms of 2/15,net 30.It does not take discounts,and it typically pays 55 days after the invoice date.Net purchases amount to $720,000 per year.What is the nominal annual percentage cost of its non-free trade credit,based on a 365-day year?
A) 20.11%
B) 18.62%
C) 22.91%
D) 14.34%
E) 15.27%