Problem 5-32 Compound Frequency (LG7)

Payday loans are very short-term loans that charge very high interest rates. You can borrow $500 today and repay $580 in two weeks. What is the compounded annual rate implied by this 16 percent rate charged for only two weeks? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Compounded annual rate %

please have explaination with details thank you !