Question: Stephanie is charged 2 % interest when she borrows $ 3 0 0 0 for one week ( 2 % is the weekly rate. )

Stephanie is charged 2% interest when she borrows $3000 for one week (2% is the weekly rate.) What is the effective annual interest rate ( EAR) on the loan?
Answer choices:
A)70%
B)90%
C)67%
D)180%

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