Your firm has an average collection period of 38 days. Current practice is to factor all receivables immediately at a discount of 1.9 percent. Assume that default is extremely unlikely and that there are \\( \\mathbf{3 6 5} \\) days in a year. What is the effective cost of borrowing in this case? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) \\( \\times \\) Answer is complete but not entirely correct