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A payday loan company is offering to give you $1,000 which you can repay the next time you get paid (in about a month's time).

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A payday loan company is offering to give you $1,000 which you can repay the next time you get paid (in about a month's time). The interest rate is 9% continuously compounded. What is the effective annual rate on this loan? Multiple Choice 9.20% 9.31% 9.38% 9.42% Infinitely large

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