Lotus Development has a software rental plan called SmartSuite that is available on the World Wide Web. A number of programs are available at $2.99 for 48 hours. If a construction company uses the service every week for an average of 48 hours, what is the future worth of the rental costs for 1 year at an interest rate of 1% per month, compounded weekly? (Assume 4 weeks per month.)

Question

Lotus Development has a software rental plan
called SmartSuite that is available on the World
Wide Web. A number of programs are available at
$2.99 for 48 hours. If a construction company uses
the service every week for an average of 48 hours,
what is the future worth of the rental costs for
1 year at an interest rate of 1% per month, compounded
weekly? (Assume 4 weeks per month.)

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