Problem $5-49$ Effective Interest Rate $($LO$4)$

A store will give you a $1\mathrm{.}75\%$ discount on the cost of your purchase if you pay cash today. Otherwise, you will be billed the full price with payment due in $1$ 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 $2$ decimal places.