Choose the One Alternative That Best Completes the Statement or Answers

Multiple Choice

Choose the one alternative that best completes the statement or answers the question.
-The purchasing power of a dollar is decreasing at the rate of $2.8 \%$ annually, compounded continuously. How long will it take for the purchasing power of $\$ 1.00$ to be worth $\$ 0.33$ ? Round answers to the nearest hundredth.

A) $0.40 \mathrm { yr }$
B) $11.79 \mathrm { yr }$
C) $3.96 \mathrm { yr }$
D) $39.60 \mathrm { yr }$