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QUESTION
Prudoe Fuels factors its accounts receivable immediately at a discount of 1.65 percent. The average collection period is 43 days.
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Prudoe Fuels factors its accounts receivable immediately at a discount of 1.65 percent. The average collection period is 43 days. Assume all accounts are collected in full. What is the effective annual interest rate on this arrangement? Assume a 365-day year.
