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I think Kobo inflates its prices in part to offset the monthly contests. That's why garden variety codes of 25% and 30% are roughly a wash with the Amazon price and coupons start to get scarce at the 45% level. I wonder what percent of its sales of couponable books is made without a coupon being used? I imagine it's quite low, as certainly regulars have sussed out the system by now.
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