Write the Word or Phrase That Best Completes Each Statement $3.5 \%$

Multiple Choice

Write the word or phrase that best completes each statement or answers the question.
-The purchasing power of a dollar is decreasing at the rate of $3.5 \%$ annually, compounded continuously. How long will it take for the purchasing power of $\$ 1.00$ to be worth $\$ 0.62$ ? Round answers to the nearest hundredth.

A) $1.37 \mathrm { yr }$
B) $17.71 \mathrm { yr }$
C) $13.66 \mathrm { yr }$
D) $0.14 \mathrm { yr }$