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Kacies has an average collection period of 23 days and factors all receivables immediately at a discount of .95percent. What is the effective cost of

Kacies has an average collection period of 23 days and factors all receivables immediately at a discount of .95percent. What is the effective cost of borrowing? Assume that default is extremely unlikely.

16.32 percent

16.28 percent

16.49 percent

16.52 percent

16.36 percent

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