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Question 9 (2 points) A firm has $800,000 in receivables which it sells to a factor at a 2% discount. The average collection period is

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Question 9 (2 points) A firm has $800,000 in receivables which it sells to a factor at a 2% discount. The average collection period is one month. What is the effective annual interest rate on the factoring arrangement? 24.00% 26.82% 24.49% 27.44%

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