Multiple Choice
\The Delta Fish Hatchery factors its accounts receivables immediately at a discount rate of 1.2 percent. The average collection period is 36 days. Assume all accounts are collected in full. What is the effective annual interest rate on this arrangement?
A) 13.02 percent
B) 13.68 percent
C) 12.09 percent
D) 11.78 percent
E) 12.79 percent
Correct Answer:
Verified
Correct Answer:
Verified
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