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88. A firm sells its accounts receivable to a factor at a 2% discount. If the average collection period is 1 month, determine the effective

88. A firm sells its accounts receivable to a factor at a 2% discount. If the average collection period is 1 month, determine the effective annual rate of interest on the factoring. A. 27.43% B. 28.53% C. 29.63% D. 30.73%

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