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Compound FrequencyPayday loans are very short-term loans that charge very high interest rates. You can borrow $1,000 today and repay $1,180 in two weeks. What

Compound FrequencyPayday loans are very short-term loans that charge very high interest rates. You can borrow $1,000 today and repay $1,180 in two weeks. What is the compoundannualrate implied by this 18 percent rate charged for only two weeks?

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