Multiple Choice
The purchasing power of a dollar is decreasing at the rate of 4.9% annually, compounded continuously. How long will it take for the purchasing power of $1.00 to be worth $0.74? Round answers to the nearest hundredth.
A) 0.06 yr
B) 0.61 yr
C) 6.15 yr
D) 15.10 yr
Correct Answer:
Verified
Correct Answer:
Verified
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