Question: 3. Paul charged Peter 4% per quarter, compounded continuously on a loan of $7,000. Assuming the loan was repaid in a single payment after a

3. Paul charged Peter 4% per quarter, compounded continuously on a loan of $7,000. Assuming the loan was repaid in a single payment after a period of five years, the payment made by Peter to pay Paul is closest to... (5) a) $8,550 ( TE b) $15,579 c) $15,338 d) $7,000 e) $161,349 This problem cannot be worked because we did not discuss the concept of continuous compounding. 013

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