A local vet provides services to the local farmers and ranchers in his county . He offers following a payment plan . For him to come out and look at any problem with farm animals charges $50 if the famer will pay at that time. If payment is deffered for one week, he charges $55. For years , no one questioned his practice of charging in this manner. You show and evaluate his payment plan. What nominal annual interest and effective annual intrest is the vet charging for the "wait a week to Pay" plan if one assumes weekly compounding ?
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