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Horizon Inc. has a Canadian receivables contract for $200,000 due in 270 days. The firm has been approached by a factoring firm that offers to

Horizon Inc. has a Canadian receivables contract for $200,000 due in 270 days. The firm has been approached by a factoring firm that offers to purchase the receivables at a 12.0% per annum discount plus a 2.00% charge for a nonrecourse clause. What is the annualized percentage all-in-cost of this factoring alternative?

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