show work in excel with formulas

Problem 4: Otis Bad" Blake is enduring hard times and needs an advance on his paycheck. Otis is paid once per month, but his next paycheck is still 20 days away- and he needs $550 now to keep his electricity from being shut off. Otis is desperate and turns to Guido at Tucumcari Pawn & Paycheck Advance to get the money. Guido agrees to advance Otis the $550 and, in return, Otis must provide his Gibson SJ-45 guitar as collateral and agree to repay Guido $561, with interest compounded once, in 20 days when the paycheck arrives. Once Guido receives the $561 pay- ment, Otis can reclaim his precious SJ-45. Otis is thrilled that he'll pay a meager $11 to borrow $550. Assuming a 360-day year, what is the effective annual rate (EAR) that Guido charges Otis for the paycheck advance? (6 pts.)