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Friendlys Quick Loans, Inc., offers you $6.75 today but you must repay $8.75 when you get your paycheck in one week (or else). What is

Friendlys Quick Loans, Inc., offers you $6.75 today but you must repay $8.75 when you get your paycheck in one week (or else). What is the effective annual return Friendlys earns on this lending business?

If you were brave enough to ask, what Anual Percentage Rate would Friendlys say you were paying?

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