Question: Ela is charged 1 % interest when she borrows $ 2 0 0 0 for one week. What is the effective annual interest rate (

Ela is charged 1% interest when she borrows $2000 for one week. What is the effective annual interest rate (EAR)?
67.77%
167.7%
677.7%
6.77%
Ela is charged 1% interest when she borrows $2000 for one

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