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.)
What will be an ideal response?
i/week = 0.25%
F = 2.99(F/A,0.25%,52)
= 2.99(55.4575)
= $165.82
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