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Your firm has an average collection period of 20 days. Current practice is to factor all...

Your firm has an average collection period of 20 days. Current practice is to factor all receivables immediately at a discount of 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.)

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