having trouble getting this one.. i tried dividing 230/200 to get an r of 15%. then put it into EAR=(1+r)^m-1 and it gave me 36.86% which is not correct. if yu solve it can you please show the formula you used?

Homework: Homework 3 - Ch 5 Save Score: 0 of 1 pt 5 of 10 (4 complete) HW Score: 45.45%, 5 of 11 pts P5-11 (book/static) Assigned Media Question Help A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $30 "Tee" for a two-week 5200 payday loan (when you repay the loan, you pay $230). What is the effective annual interest rate for this loan? (Assume 26 bi-weekly periods per year) The effective annual interest rate is 36.88 (Round to two decimal places.)