6 * 5 7 8 10 1 11 12 13 14 15 16 17 18 19 21 21 20 Moving to another question will save this response. westion 10 4 points Save Answer Your firm has an average collection period of 38 days. Current practice is to factor all receivables immediately at a discount rate of 4 percent. Assume that default is extremely unlikely. What is the effective cost of borrowing? OA 31.87 percent OB. 37.78 percent c 40.97 percent D. 48.01 percent DE 28.79 percent Moving to another question will save this response.