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You are considering the purchase of new living room furniture that costs $1,220. The store will allow you to make weekly payments of $26.66 for

You are considering the purchase of new living room furniture that costs $1,220. The store will allow you to make weekly payments of $26.66 for one year to pay off the loan. What is the EAR of this arrangement?

a. 24.39%

b. 29.19%

c. 27.44%

d. 30.65%

e. 25.68%

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