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# Payday loans are very short-term loans that charge very high interest rates. You can borrow $500 today and repay $585 in two weeks.

Payday loans are very short-term loans that charge very high interest rates. You can borrow $500 today and repay $585 in two weeks. What is the compounded annual rate implied by this 17 percent rate charged for only two weeks? **(Do not round intermediate calculations and round your final answer to 2 decimal places.)**

Compounded annual rate %