$34$

Compound Frequency Payday loans are very short$-$term loans that charge very high interest rates. You can borrow $$1,200$ today and repay $$1,392$ in two weeks. What is the compound annual rate implied by this $16$ percent rate charged for only two weeks?

$10$

points

$01$:$32$:$00$

Multiple Choice

$4,641\mathrm{.}41\%$

$19\mathrm{.}20\%$

$16\mathrm{.}20\%$

$17\mathrm{.}25\%$