Question: please help me with this question Fred's Factory has credit sales of $747,500 and an average accounts receivable balance of $57,500. Fred factors his receivables

please help me with this question

please help me with this question Fred's Factory has credit sales of

Fred's Factory has credit sales of $747,500 and an average accounts receivable balance of $57,500. Fred factors his receivables throughout the year with his local bank at a 2% discount What is the effective annual rate of this arrangement? Multiple Choice 27.88% 29.24% O 28 67% O 28.03% 30.04%

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