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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. $2

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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. $2 X in 6 months. Payment 3. $2X in 12 months. 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 Check

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