The end of the month has arrived and Marina was only able to save up $175 to pay off her pay-day loan of $900.This means she will have to delay payment on the remaining $725 until next month.Besides the delayed payment fee that she is charged, she will now have to pay interest on the remaining amount.The APR (annual percentage rate) is 47%, but the interest is compounded daily.

What is the effective interest rate that Marina will actually be paying?