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Tenny Textiles factors its accounts receivable immediately at a discount of 2.5 percent. The average collection period is 39 days. Assume all accounts are collected

Tenny Textiles factors its accounts receivable immediately at a discount of 2.5 percent. The average collection period is 39 days. Assume all accounts are collected in full. What is the effective annual interest rate on this arrangement? Assume a 365-day year.

Multiple Choice

30.78%

29.97%

27.90%

28.33%

26.74 %

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