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As said above a restocking fee most probably will apply

From Apple's website

http://store.apple.com/us/browse/open/salespolicies

For iPhone returns, you may return your undamaged iPhone with its included accessories within 14 days of purchase for a full refund. Here’s the important part: returning your iPhone may not automatically cancel or reset your wireless account; you are responsible for your wireless service agreement and for any applicable fees associated with your wireless account. Please contact your provider for more information.
 
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