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You have the following balance sheet and income statement information for NorCal Inc.: All sales and purchases were on credit. The company factors all receivables

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You have the following balance sheet and income statement information for NorCal Inc.: All sales and purchases were on credit. The company factors all receivables immediately at a 10% discount. Assume that there are no defaults. Part 1 Attempt 2/3 for 9 What is the effective annual cost of factoring (EAR)

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