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Pay day loans are very short-term that charge very high interest rates. You can borrow $500 today and repay $550 in two weeks.

Pay day loans are very short-term that charge very high interest rates. You can borrow $500 today and repay $550 in two weeks. What is the compound annual rate implied by this 10 percent rate charged for only two weeks?

I ask this question 2 days ago and I was given the answer something else not the percent rate. I was given he annual growth rate. Please help!

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Compound annual rate implied by this... View the full answer

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