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Friendly's Quick Loans, Incorporated, offers you $6.50 today but you must repay $8.78 when you get your paycheck in one week (orelse) a. What is

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Friendly's Quick Loans, Incorporated, offers you $6.50 today but you must repay $8.78 when you get your paycheck in one week (orelse) a. What is the effective annual return Friendly's earns on this lending business? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16. b. If you were brave enough to ask, what APR would Friendly's say you were paying? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.9. 32.16

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