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You can buy an item for $ 1 2 0 on an in - store payment plan with the promise to pay $ 1 2

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.

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