What is the effective annual rate on this arrangement

Reference no: EM13284956

A firm sells its $1,170,000 receivables to a factor for $1,134,900. The average collection period is 1 month. What is the effective annual rate on this arrangement? (Round your intermediate calculations to 4 decimal places. Round your answer to 2 decimal places.) Effective annual rate %.

Reference no: EM13284956

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