Question $2(6$ points$)$

InstaCash Payday Loans, Inc. presents a loan offer termed 'three for four or $1$ knock on your door,$\text{'}$ where for every $$3$ you borrow today you are obligated to repay $$4$ in a week's time. Answer the following questions, assuming one year consists of exactly $52$ weeks.

a$)$ Calculate the Annual Percentage Rate $($APR$)$ you would be charged under this scheme.

b$)2$ Determine the Effective Annual Return $($EAR$)$ of this loan scheme.