Whats the effective annual rate return

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Friendly's Quick Loan, Inc., offers you "three for four or I knock on your door." This means you get $3 today and reapy $4 when you get your pay check in one week (or else). What's the effective annual rate return Friendly's earns on this lending business? If you were brave enough to ask, what APR would Friendly's say you were paying?

Reference no: EM13788029

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