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 art identical item for $110 cash. If you huy the item for $120, you are in effect paying $10 for the use of $110 for three months What is the effective annual rate of interest? Ignore interest rate compounding. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective annual rate of interest