I tried this problem and I kept getting 19.81 which is wrong. Help! Thanks

Your firm nas an average collection period ot 40 days. Current practice is to tactor all receivables immediately at a 2 percent discount. What is the effective cost ot borrowing in this case? Assume that default is extremely unlikely. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) 19.81 %