Your firm has an average collection period of 21 days. Current practice is to factor all receivables immediately at a discount of 1.1 percent. Assume that default is extremely unlikely. What is the effective cost of borrowing? (Do not round intermediate calculations and enter your answer as a pecent rounded to 2 decimal places, e.g., 32.16.) Effective cost of borrowing Your firm has an average collection period of 21 days. Current practice is to factor all receivables immediately at a discount of 1.1 percent. Assume that default is extremely unlikely. What is the effective cost of borrowing? (Do not round intermediate calculations and enter your answer as a pecent rounded to 2 decimal places, e.g., 32.16.) Effective cost of borrowing