Calculations to 4 decimal places round your answer to 2, Finance Basics

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Calculations to 4 decimal places round your answer to 2

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.)

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Finance Basics: Calculations to 4 decimal places round your answer to 2

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