Multiple Choice
Solve the problem.
-The purchasing power of a dollar is decreasing at the rate of 6.0% annually, compounded continuously. How long will it take for the purchasing power of $1.00 to be worth $0.81? Round answers to the nearest hundredth.
A) 13.50 yr
B) 0.04 yr
C) 0.35 yr
D) 3.51 yr
Correct Answer:
Verified
Correct Answer:
Verified
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