Question: A firm sells its $1,090,000 receivables to a factor for $1,079,100. 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 % The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.