What is the effective annual return friendlys earns on this, Financial Management

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What is the effective annual return friendlys earns on this

Friendly’s Quick Loans, Inc., offers you $6.75 today but you must repay $8.75 when you get your paycheck in one week (or else).

Requirement 1:

What is the effective annual return Friendly’s earns on this lending business? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)

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Financial Management: What is the effective annual return friendlys earns on this

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Financial Management: What is the effective annual return friendlys earns on this

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