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QUESTION 3 Bob doesn't have a bank account and has financial troubles. He takes out a payday loan of 708. The lender tells Bob that

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QUESTION 3 Bob doesn't have a bank account and has financial troubles. He takes out a payday loan of 708. The lender tells Bob that he must repay the loan plus a flat fee of 99 in one month's time. Calculate the annualised yield on the loan, including the flat fee. Give your answer to 5 decimal places

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