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A firm sells its $1,080,000 receivables to a factor for $1,015,200.

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Question

A firm sells its $1,080,000 receivables to a factor for $1,015,200. 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.)

 

Paper#21183 | Written in 18-Jul-2015

Price : $17
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