Effective annual interest rate that rick is charging

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Reference no: EM131292211

1. Rick, the owner of the local pawn shop, loans money at an annual rate of 23 percent with weekly compounding. What is the effective annual interest rate that Rick is charging?

2. Doug saved $1,400 at the end of each year for 35 years. If Doug earned 6 percent interest each year on his savings, how much does he have after 35 years?

Reference no: EM131292211

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