What is the compounded annual rate implied for two weeks

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Question: Payday loans are very short-term loans that charge very high interest rates. You can borrow $200 today and repay $270 in two weeks. What is the compounded annual rate implied by this 35 percent rate charged for only two weeks? (Do not round intermediate calculations and round your final answer to the nearest whole percent.)

Reference no: EM132031210

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