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A firm sells its $1,040,000 receivables to a factor for $1,019,200. The average collection period is 1 month. What is the effective annual rate on
| A firm sells its $1,040,000 receivables to a factor for $1,019,200. The average collection period is 1 month. What is the effective annual rate on this arrangement? |
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Mathematics For Business
Authors: Stanley A Salzman, Charles D Miller, Gary Clendenen
8th Edition
0321357434, 9780321357434
