Pharoah Landscaping has an average collection period of $36$ days for its accounts receivable. Currently, Pharoah factors all of its receivables at a $2$ percent discount. What is the effective annual interest rate on the financing from the factor? $($Use $365$ days for calculation. Round intermediate calculations to $4$ decimal places, e$.$g$.1\mathrm{.}2514$ and final answer to $2$ decimal places, e$.$g$.15\mathrm{.}25\%.)$

Effective annual interest rate

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