Compounded annual rate, What is the compounded annual rate implied by this 20 percent, Finance Basics

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Compounded annual rate

Problem:

Payday loans are very short-term loans that charge very high interest rates. You can borrow $275 today and repay $330 in two weeks.

Requirement:

Question: What is the compounded annual rate implied by this 20 percent rate charged for only two weeks? Please provide all computations.

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Finance Basics: Compounded annual rate

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Finance Basics: Compounded annual rate

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