What is the effective annual rate on this arrangement

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Reference no: EM13950084

A firm sells its $1,140,000 receivables to a factor for $1,071,600. The average collection period is 1 month. What is the effective annual rate on this arrangement? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Effective annual rate %

Reference no: EM13950084

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