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).)