A store will give you a 1 . 0 0 % discount on the cost of your
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Question:
A store will give you a discount on the cost of your purchase if you pay cash today. Otherwise, you will be billed the full price with payment due in month. What is the implicit borrowing rate being paid by customers who choose to defer payment for the month?
Note: Do not round intermediate calculations. Enter your answer as a percent rounded to decimal places.
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