Multiple Choice
Assume the cost of a car is $21,000. With continuous compounding in effect, find the number of years it would take to double the cost of the car at an annual inflation rate of 6.2%. Round the answer to the nearest hundredth.
A) 11.18 yr
B) 160.52 yr
C) 1.61 yr
D) 171.70 yr
Correct Answer:
Verified
Correct Answer:
Verified
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