Question: 1. (10 points) Jack borrows 50,000. Jack will repay the loan with four annual payments of 15,000 each with the first being one year from

1. (10 points) Jack borrows 50,000. Jack will repay the loan with four annual payments of 15,000 each with the first being one year from today. Alternatively, Jack can repay the loan with a single payment of 60,000 at time T > 0. Regard- less of which repayment option he chooses, the annual effective interest rate is the same. (a) Find the exact value for T. (b) Find an approximation for T based on the method of equated time (i.e., the dollar weighted average). Call it T

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