Question: please answer with correct and detailed calculations and explanations. make sure supporting statements are also provided for each step and calculation. 23 Your firm has

please answer with correct and detailed calculations and explanations. make sure supporting statements are also provided for each step and calculation.

23 Your firm has an average collection period of 38 days. Current practice is to factor all receivables immediately at a discount of 1.75 percent What is the effective cost of borrowing in this case? Assume that default is extremely unlikely. Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16. Effective annual rate

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