A loan shark lends you $50 at 1% compound interest per week (this is a weekly, not an annual rate). (Round your answers to the nearest dollar.) a)How much will you owe after 2 years? (Use 52 weeks per year.)$ (b)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 $50 at 1% compound interest per week (this is a weekly, not an annual rate). (Round your answers to the nearest dollar.) a)How much will you owe after 2 years? (Use 52 weeks per year.)$ (b)In "street" language, the profit on such a loan is known as the "vigorish" or the "vig." Find the shark's vig.$

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.3: Arithmetic Sequences And Series

Problem 36E

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