Question: Problem 5 - 1 9 Compound Frequency ( LG 5 - 7 ) Payday loans are very short - term loans that charge very high

Problem 5-19 Compound Frequency ( LG5-7) Payday loans are very short-term loans that charge very high interest ratesYou can borrow $260 today and repay $325 in two weeks. What is the compounded annual rate implied by this 25 percent rate charged for only two weeks? (Hint: Compound the 2-week return 26 times for the annual return.) Note: Do not round intermediate calculations and round your final answer to the nearest whole percent. Compounded annual rate%

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