Friendlys Quick Loans, Inc., offers you $8.00 today but you must repay $9.95 when you get your
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Question:
Friendly’s Quick Loans, Inc., offers you $8.00 today but you must repay $9.95 when you get your paycheck in one week (or else).
What is the effective annual return Friendly’s earns on this lending business? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Related Book For
Fundamentals of Corporate Finance
ISBN: 978-0077861629
8th Edition
Authors: Stephen A. Ross, Randolph W. Westerfield, Bradford D.Jordan
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