Question: A financial institution makes small loans to students. For example, it offers $500 for 16 weeks with $511.43 to be repaid at the end

A financial institution makes small loans to students. For example, it offers $500 for 16 weeks with $511.43 to be repaid at the end of this period. What is the financial institution's effective annual interest rate? 1.69% (Your answer should be in percentages with 2 decimal points; don't use the % sign in your answer) Score: 1/1

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