Question: Name: SID: 3. (30 points) You take out a loan of $9000 with 10% annual interest rate (compounded continuously). You plan on paying back the

Name: SID: 3. (30 points) You take out a loan of

Name: SID: 3. (30 points) You take out a loan of $9000 with 10% annual interest rate (compounded continuously). You plan on paying back the loan continuously at a rate of $1000 per year. With this repayment plan, will you ever fully pay off the loan? If yes, how long will it take to repay? If no, give a justification. Solution

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