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Payday loans are very short - term loans that charge very high interest rates. You can borrow $ 2 0 0 today and repay $

Payday loans are very short-term loans that charge very high interest rates. You can borrow $200 today and repay $260 in two weeks. What is the compounded annual rate implied by this 30 percent rate charged for only two weeks? (Hint: Compound the 2-week return 26 times for the annual return.) Note: Do not round intermediate calculations and round your final answer to the nearest whole percent.
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