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Rick, the owner of thelocal pawn shop, loans money at23 percent annually with weekly compounding. What is the effective annual interest rate that Rick is
Rick, the owner of thelocal pawn shop, loans money at23 percent annually with weekly compounding. What is the effective annual interest rate that Rick is charging? Assume there are 52 weeks in the year.
A) 26.49%
B) 26.64%
C) 25.16%
D) 25.80%
E) 26.56%
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