Question: In 1915 Albert Einstein allegedly borrowed $7,000 from a large New York Bank on the condition that he would pay 7% of the loan every

In 1915 Albert Einstein allegedly borrowed $7,000 from a large New York Bank on the condition that he would pay 7% of the loan every three months, until a total of 50 payments had been made. At the time of the 50^th payment, the $7,000 loan would be completely repaid. Albert computed his annual interest rate to be (0.07x$7,000x4)/$7,000=0.28 (28%)

What true annual interest rate did Albert pay?

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