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5. Suppose that today, you obtain a payday loan for $150. You have written a check $195 post-dated 15 days from today. Given this information,

5. Suppose that today, you obtain a payday loan for $150. You have written a check $195 post-dated 15 days from today. Given this information, what is the Effective Annual Rate (or Effective Yield)? Hint: use days when calculating the number of compounds per year.

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