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A company offers to advance you money for a small fee paid later. For every $500 of cash advanced, the company will charge a fee

A company offers to advance you money for a small fee paid later. For every $500 of cash advanced, the company will charge a fee of $10 two weeks later. The company will allow you to roll this fee into a new cash advance under the same terms. What is the effective annual rate implied by this offer. Assume that there are 52 weeks in a year?

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