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Business, 27.11.2019 22:31 lizzy2951

You can buy an item for $130 on an in-store payment plan with the promise to pay $130 in 90 days. suppose you can buy an identical item for $126 cash. if you buy the item for $130, you are in effect paying $4 for the use of $126 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.)

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