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Payday loans are very short-term loans that charge very high interest rates. You can borrow $400 today and repay $496 in two weeks. What is

Payday loans are very short-term loans that charge very high interest rates. You can borrow $400 today and repay $496 in two weeks. What is the compounded annual rate implied by this 24 percent rate charged for only two weeks? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

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