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Chapter 20 Saved Ho 8 A firm sells its $1350,000 receivables to a factor firm that specializes in collecting receivables for $1,035,000. The average collection

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Chapter 20 Saved Ho 8 A firm sells its $1350,000 receivables to a factor firm that specializes in collecting receivables for $1,035,000. The average collection period is 4 months. What is the effective annual rate on this arrangement? (Round your answer to 2 decimal places.) 10 points Effective arnaal te

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