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You borrow $3000 now and agree to pay this whole amount back in three payments: Payment 1. $X in 3 months. Payment 2. $2X in

You borrow $3000 now and agree to pay this whole amount back in three payments:

Payment 1. $X in 3 months.

Payment 2. $2X in 6 months.

Payment 3. $2X in 12months.

a) Determine X, if (yearly) interest is at 10.0% compounded monthly.

b) Determine X, if (yearly) interest is at 10.0% compounded continuously.

Note: Do not use your calculator for this problem; type in an expression which represents the exact answer for parts a) and b). You must convert interest rate to the exact values, for example 10.1%==101/1000.

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