Your friend is short on cash and thinking about using one of those payday loan places. You told him it's a bad idea and you are explaining why. The loan is for $850 and it will be paid back 11 days later. He will have to pay them back $1400. Assume the company compounds every 11 days. 2a. What is the effective interest rate per year? 2b. What would you owe if you kept the money for 1 year?

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