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You have just received an advertisement from Corleone Inc., a paycheck loan service. Corleone will charge you a fee of 4% for a two-week loan

You have just received an advertisement from Corleone Inc., a paycheck loan service. Corleone will charge you a fee of 4% for a two-week loan (i.e. if you borrow $100, you must repay $104 in two weeks time). Assuming a 52 week year, what is the Effective Annual Rate (EAR) that Corleone charges (rounded to the nearest whole percent)?

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