Falcon Cement, Inc. buys on terms of 2/15, net 30. It does not take discounts, and it typically pays 60 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. 12.07%
b. 10.86%
c. 16.55%
d. 13.41%
e. 14.90%