A check-cashing store is in the business of making personal loans to walk-up customers. The store makes only one-week loans at 6.4 percent interest per week.

a.	What APR must the store report to its customers? What is the EAR that the customers are actually paying? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Annual percentage rate	%
Effective annual rate	%

b.	Now suppose the store makes one-week loans at 6.4 percent discount interest per week. What