Sigmund and Karl each borrowed an identical amount from Ludwig at a nominal rate of discount of 5.4% convertible quarterly. Sigmund repays his loan by making payments of $2,000 at the end of each year for six years. Karl makes payments of $3,200 at four equally spaced times T, 2T,3T,and4T. Find T. [HINT: You will need to find the interest rate I for a period of length T.]
