Description
Choice 1: Payments of $ 2650 now, $ 3200 a year from now, and $ 3820 two years from now.
Choice 2: Three yearly payments of $ 3200 starting now.
Modification: Interest is compounded continuously instead of annually.
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Explanation & Answer
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3200+3200/e^d+3200/e^2d = 2650+3200/e^d+3820/e^2d
550 = 620/e^2d
e^2d =620/550 = 62/55 = 1.1273
d = 1/2 ln1.1273
=0.05991
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