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(10 points) You are considering the purchase of new living room furniture that costs $1,220. The store will allow you to make weekly payments of

(10 points) You are considering the purchase of new living room furniture that costs $1,220. The store will allow you to make weekly payments of $26.66 for one year to pay off the loan. What is the EAR of this arrangement? (There are 52 weeks in a year.) THE EAR IS __________ PERCENT.

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