8 Zilan Inc. has 40 days of accounts receivables (AR) of $400,000 on its books. A factoring company offers a 40-day AR loan equal to 85% of the face value of the AR. The quoted interest rate is 8%, and there is a commission fee of 075%. The factoring will result in a reduction of $2,000 in bad debt Josses fot Zilan. What is the effective annual cost? (Please do not use the sign. If your answer is 56.78%, then enter 56.78). Numeric Response 15.15