Neveready Flashlights Incorporated needs 343,000 to take a cash discount of 2/17, net 78. A banker will lend the money for 61 days at an interest cost of 10,900. What is the effective annual rate of interest for borrowing the money?
a) 9. 00%
b) 9. 25%
c) 9. 50%
d) 9. 75%