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?