Maltz Landscaping has an average collection period of 33 days for its accounts receivable. Currently, Maltz factors all of its receivables at a 5 percent discount. What is the effective annual interest rate on the financing from the factor? (Round intermediate calculations to 4 decimal places, e.g. 1.2514 and final answer to 2 decimal places, e.g. 15.25%.)

The firm