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A loan shark lends you $90 at 2% compound interest per week (this is a weekly, not an annual rate). (Round your answers to the nearest dollar.) How much will you owe after 2 years? (Use 52 weeks per year.) $ In "street" language, the profit on such a loan is known as the "vigorish" or the "vig." Find the shark's vig. $

A loan shark lends you $90 at 2% compound interest per week (this is a weekly, not an annual rate). (Round your answers to the nearest dollar.) How much will you owe after 2 years? (Use 52 weeks per year.) $ In "street" language, the profit on such a loan is known as the "vigorish" or the "vig." Find the shark's vig. $

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 25E
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A loan shark lends you $90 at 2% compound interest per week (this is a weekly, not an annual rate). (Round your answers to the nearest dollar.) How much will you owe after 2 years? (Use 52 weeks per year.) $ In "street" language, the profit on such a loan is known as the "vigorish" or the "vig." Find the shark's vig. $
Transcribed Image Text:A loan shark lends you $90 at 2% compound interest per week (this is a weekly, not an annual rate). (Round your answers to the nearest dollar.) How much will you owe after 2 years? (Use 52 weeks per year.) $ In "street" language, the profit on such a loan is known as the "vigorish" or the "vig." Find the shark's vig. $
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