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Daily Lender, a payday lender, offers the following terms: Borrow $ 1 0 0 today and repay $ 1 1 5 in two weeks. What

Daily Lender, a payday lender, offers the following terms: Borrow $

100

today and repay $

115

in two weeks. What are the nominal and effective annual interest rates for this loan? Hint: There are

26

two week periods in a year.

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