Assume the Cost of a Car Is $20,000 $C = 20,000 \mathrm { e } ^ { \mathrm { rt } }$

Multiple Choice

Assume the cost of a car is $20,000. With continuous compounding in effect, the cost of the car will increase according to the equation C $C = 20,000 \mathrm { e } ^ { \mathrm { rt } }$ , where r is the annual inflation rate and t is the number of years. Find
The number of years it would take to double the cost of the car at an annual inflation rate of 5.9%. Round the
Answer to the nearest hundredth.

A) 167.86 years
B) 1.68 years
C) 179.60 years
D) 11.75 years