Stationery Supplies uses a 24 percent annual interest rate to represent the cost of capital, and pays a liability insurance for 2% monthly rate of the value of the office supplies. The holding cost consists of both cost of capital and liability insurance cost. Determine the monthly holding cost rate: ____%. (Reminder: the percentage sign % is provided already, so please only fill in the percentage number. For example, if holding cost rate is 10%, you should put in 10 rather than 10% or 0.1)

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