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A company has an average collection period of 34 days and factors all of its receivables immediately at a 3.1% discount. Assume all accounts are

A company has an average collection period of 34 days and factors all of its receivables immediately at a 3.1% discount. Assume all accounts are collected in full. What is the firm's effective cost of borrowing?

DO NOT COPY FROM CHEGG, OR I HAVE TO REPORT.

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