Question: A financial institution makes small loans to students. For example, it offers $ 5 0 0 for 1 6 weeks with $ 5 1 4

A financial institution makes small loans to students. For example, it offers $500 for 16 weeks with $514.31 to be repaid at the end of this period. What is the financial institution's effective annual interest rate? answer should be in percentages with 2 decimal places. Please do it properly without mistake and show calculations
A financial institution makes small loans to students. For example, it

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