You are expecting a tax refund of 1000 in 10 weeks a tax, Financial Management

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You are expecting a tax refund of 1000 in 10 weeks a tax

Compute the specified quantity.

You are expecting a tax refund of $1,000 in 10 weeks. A tax preparer offers you an "interest-free" loan of $1,000 for a fee of $50 to be repaid by your refund check when it arrives in 10 weeks. Thinking of the fee as interest, what simple interest rate would you be paying on this loan? (Round your answer to three decimal places.)

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