Payday loans are very short-term loans that charge very high interest rates. You can borrow...
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Payday loans are very short-term loans that charge very high interest rates. You can borrow $250 today and repay $325 in two weeks. What is the compounded annual rate implied by this 30 percent rate charged for only two weeks? (Hint: Compound the 2-week return 26 times for the annual return.)
What is the compounded annual rate? ________ %
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