A U.S. exporter sells $150,000 of furniture to a Latin American importer. The exporter requires the importer to obtain a letter of credit. When the bank accepts the draft, the exporter discounts the 120-day note at a 5.25 percent discount. What is the exporter's true effective annual financing cost? Multiple Choice 5.52 percent 5.42 percent 5.34 percent 5.29 percent 5.25 percent