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Morgan Inc. had average accounts receivable of $2 million. Credit sales were $24 million. You factor receivables by discounting them 2%. What is the effective

Morgan Inc. had average accounts receivable of $2 million. Credit sales were $24 million. You factor receivables by discounting them 2%. What is the effective rate of interest? 21.78% 23.00% 25.55% 27.43% 31.58%

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