Problem 20-10 Factoring (LO5) A fim sells its trade receivables to a factor at a 4.0% discount The average collection period is 1 month. What is the implicit effective annual interest rate on the factoring arrangement? (Do not round intermediate calculations, Round your answer to 2 decimal places.) Implicit effective annual interest rate Suppose the average collection period is 12 months. How does this affect the implicit effective annual interest rate? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Implicit effective annual interest rate