A Condominium Complex Was Purchased by a Group of Private

Multiple Choice

A condominium complex was purchased by a group of private investors for $1.2 million and sold 5 year(s) later for $3.7 million. Find the annual rate of return (compounded continuously) on their investment. Round your answer to two decimal places. ​

A) 22.73%
B) 23.17%
C) 22.52%
D) 23.84%