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Assume that today you borrowed $44,000 at 3.45% compounded weekly and that you plan to repay the loan with bi-weekly payments in equal amounts for

Assume that today you borrowed $44,000 at 3.45% compounded weekly and that you plan to repay the loan with bi-weekly payments in equal amounts for the following 11 years. If you were to use the annuity present value formula to find the amount of your bi-weekly payments, what effective periodic rate would you use in the formula?

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