Question: be clear, show all steps, answer needed in 30 mins, will give rating! A financial institution makes small loans to students. For example, it offers

be clear, show all steps, answer needed in 30 mins, will give rating!

A financial institution makes small loans to students. For example, it offers $ 500 for 16 weeks with $ 525.18 to be repaid at the end of this period. What is the financial institution's effective annual interest rate? (Note: Your answer should be in percentages with 2 decimal places; don't use the % sign in your answer)

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