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Your firm has an average collection period of 38 days. Current practice is to factor all receivabies immediately at a discount of 1.75 percent. What

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Your firm has an average collection period of 38 days. Current practice is to factor all receivabies immediately at a discount of 1.75 percent. What is the effective cost of borrowing in this case? Assume that default is extremely unlikely. Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g. 32.16

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