omework saved Help Save & Exit Your firm has an average collection period of 38 days. Current practic factor all receivables immediately at a discount of 1.9 percent. Assumm default is extremely unlikely and that there are 365 days in a year What is the effective cost of borrowing in this case? (Do not round intermediate calculations. Enter your answer as a percent rounde decimal places, e.g., 32.16.) Effective cost- Reference links 18.5 Short-Term Borrowing