Payday loans are very short-term loans that charge very high interest rates. You can borrow $260 today and repay $325 in two weeks. What is the compounded annual rate implied by this 25 percent rate charged for only two weeks? (Hint: Compound the 2-week return 26 times for the annual return.) (Do not round intermediate calculations and round your final answer to the nearest whole percent.) Compounded annual rate

Payday loans are very short-term loans that charge very high interest rates. You can borrow $260 today and repay $325 in two weeks. What is the compounded annual rate implied by this 25 percent rate charged for only two weeks? (Hint: Compound the 2-week return 26 times for the annual return.) (Do not round intermediate calculations and round your final answer to the nearest whole percent.) Payday loans are very short-term loans that charge very high interest rates. You can borrow $260 today and repay $325 in two weeks. What is the compounded annual rate implied by this 25 percent rate charged for only two weeks? (Hint: Compound the 2-week return 26 times for the annual return.) (Do not round intermediate calculations and round your final answer to the nearest whole percent.)