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Puncak Rancak factors all of its receivables immediately at a discount rate of 1.5% The average collection period is 38 days and default is unlikely.

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Puncak Rancak factors all of its receivables immediately at a discount rate of 1.5% The average collection period is 38 days and default is unlikely. What is the annual effective cost of borrowing? (Assume 365 days in a year) Select one: a. 15.62% b. 16.40% O C 9.75% d. 8.75

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