Problem $5-19$ Compound Frequency $($LG$5-7)$

Payday loans are very short$-$term loans that charge very high interest rates. You can borrow $$250$ today and repay $$325$ 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.

Answer is complete but not entirely correct.