Your company has been offered credit terms on its purchases of 4/30, net 90 days. What will be the nominal annual cost of trade credit if your company pays on the 35th day after receiving the invoice?...

Your company has been offered credit terms on its purchases of 4/30, net 90
days. What will be the nominal annual cost of trade credit if your company
pays on the 35th day after receiving the invoice? (Assume a 365-day year.)
a. 30%
b. 304%
c. 3%
d. 87%
e. 156%