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 $400 today and repay $488 in two weeks. What is the compounded annual rate implied by this 22 percent rate charged for only two weeks? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)
Compounded annual rate %
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