A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a

$30

"fee" for a two-week

$200

payday loan (when you repay the loan, you pay

$230).

What is the effective annual interest rate for this loan?

(Assume

26 bi-weekly periods per year.)

Question content area bottom

Part 1

The effective annual interest rate is

enter your response here%.

(Round to two decimal places.)