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Last year Marshall, Inc. had average accounts receivable of $4 million. Credit sales for the year was $36 million. The receivables of the company are
Last year Marshall, Inc. had average accounts receivable of $4 million. Credit sales for the year was $36 million. The receivables of the company are always factored by discounting 2.5%. What is the effective annual rate (EAR) on factoring?
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
18th edition
125969240X, 978-1259692406
