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Payday Loans Inc. offers a $8 for $9 payday loan. You can borrow $8 on Friday, and only have to payback $9 when you receive

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Payday Loans Inc. offers a "$8 for $9 payday loan". You can borrow $8 on Friday, and only have to payback $9 when you receive your paycheck on the following Friday, one week later. Compute the nominal annual rate with weekly compounding for this loan. Use a 52-week year. 650%6 544% 565% 520% 473%

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