A loan shark lends you $100 at 2% compound interest per week(weekly not annual rate)
How much will you owe after 3 years?
In "street language" the profit on such a loan is known as the "vigorish" or the "vig." Find the sharks's vig. A loan shark lends you $100 at 2% compound interest per week(weekly not annual rate)
How much will you owe after 3 years?
In "street language" the profit on such a loan is known as the "vigorish" or the "vig." Find the sharks's vig. @Mathematics

Question

anonymous · Answer

oh that is wrong!  3 years not one year

anonymous · Answer

$$100(1.02)^{3\times 52}$$ is the right one

anonymous · Answer

looks like around $2196 rounded http://www.wolframalpha.com/input/?i=100%281.02%29^%283*52%29