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Business, 03.12.2021 21:40 ehaynie

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

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