A company offers to advance you money for a small fee paid to be paid later. For every $500 of cash advanced, the company will charge a fee of $14 four weeks later. (The company will allow you to roll this fee into a new cash advance under the same terms. This is just a technical condition, so don't read too much into it if you don't understand why its important.) What is the effective annual rate implied by this offer.

Assume that there are exactly 52 weeks in a year (3+ decimals)?

The answer is not 152% nor 2.87%