A firm sells its accounts receivables to a factor at a 3.1% discount. The average collection period is 2 month. a. What is the effective annual interest rate on this arrangement? (Round your answer to 2 decimal places.) Effective annual rate % b. What is the implicit effective annual interest rate if the average collection period is 3 months? (Round your answer to 2 decimal places.) Effective annual rate % A firm sells its accounts receivables to a factor at a 3.1% discount. The average collection period is 2 month. a. What is the effective annual interest rate on this arrangement? (Round your answer to 2 decimal places.) Effective annual rate % b. What is the implicit effective annual interest rate if the average collection period is 3 months? (Round your answer to 2 decimal places.) Effective annual rate %