Fred's Factory has credit sales of $$747,500$ and an average accounts receivable balance of $$57,500.$ Fred factors his receivables throughout the year with his local bank at a $2\%$ discount. What is the effective annual rate of this arrangement?

Multiple Choice

$30\mathrm{.}04\%$

$28\mathrm{.}67\%$

$29\mathrm{.}24\%$

$28\mathrm{.}03\%$

$27\mathrm{.}88\%$