You can buy an item for $$120$ on an in$-$store payment plan with the promise to pay $$120$ in $90$ days. Suppose you can buy an identical item for $$111$ cash. If you buy the item for $$120,$ you are in effect paying $$9$ for the use of $$111$ for three months. What is the effective annual rate of interest? Ignore interest rate compounding.

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places.