A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $$28$ "fee" for a two$-$week $$200$ payday loan $($when you repay the loan, you pay

$$228).$ What is the effective annual interest rate for this loan? Assume $26$ bi$-$weekly periods per year. $($Note: Round your calculation of the the two$-$week interest rate to at least five

decimal places.$)$

The effective annual interest rate is

$\%.($Round to two decimal places.$)$