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Payday loans are very short-term loans that charge very high interest rates, You can borrow $325 today and repay $390 in two weeks. What is

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Payday loans are very short-term loans that charge very high interest rates, You can borrow $325 today and repay $390 in two weeks. What is the compounded annual rate implied by this 20 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 2 decimal places

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