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You are in desperate need for cash to pay your water bill so you head to the check-cashing store down the street. They offer to

You are in desperate need for cash to pay your water bill so you head to the check-cashing store down the street. They offer to lend you $200 now but you must leave a postdated check of $212 to be cashed in 7 days. What is the stated annual rate and the effective annual rate of this short term loan?

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