Question $5$

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Ben's Bulk Barn sells wholesale wholefoods and one of its suppliers is offering the opportunity to purchase product on credit terms of net $30$ days from the invoice date with a $0\mathrm{.}7\%$ cash discount if paid within $5$ days. What is the implicit interest cost of foregoing the cash discount? $($Important: Please enter your answer to the nearest $10$th of a percent. For example, $10\mathrm{.}1\%$ should be entered in as $\mathrm{.}101)$

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