A navy petty officer needs cash and goes to a paycheck, Financial Management

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A navy petty officer needs cash and goes to a paycheck

A Navy petty officer needs cash and goes to a paycheck advance company for some money. He/she agrees to pay $550 in two weeks (when his/her paycheck arrives) in exchange for $500 today. What is the interest rate implicit in this loan?

Hint: This is a TVM problem, and the payments per year should be listed as 365, with n = 14.

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Financial Management: A navy petty officer needs cash and goes to a paycheck

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Financial Management: A navy petty officer needs cash and goes to a paycheck

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