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Previous Page Next Page Page 12 of 20 Question 12 (2 points) A firm has $600,000 in receivables which it sells to a factor at

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Previous Page Next Page Page 12 of 20 Question 12 (2 points) A firm has $600,000 in receivables which it sells to a factor at a 3% discount. The average collection period is one month. What is the effective annual interest rate on the factoring arrangement? 37.12% 36.00% 42.58% 44.13% Previous Page Next Page Page 12 of 20 o B

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