You Need a Down Payment of $18,400 in Order to Purchase

Multiple Choice

You need a down payment of $18,400 in order to purchase your first home 4 years from today.You currently have $14,014 to invest.In order to achieve your goal,what nominal interest rate,compounded continuously,must you earn on this investment? Do not round your intermediate calculations.

A) 7.15%
B) 6.81%
C) 7.28%
D) 5.51%
E) 6.26%