Question 11 Answer saved Marked out of 1 p Flag question 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. 16.40% 8.75% (15.62% 9.75%