Choose the One Alternative That Best Completes the Statement or Answers

question 250

Multiple Choice

Choose the one alternative that best completes the statement or answers the question.
-Assume the cost of a car is $\$ 27,000$ . With continuous compounding in effect, find the number of years it would take to double the cost of the car at an annual inflation rate of $9.1 \%$ . Round the answer to the nearest hundredth.

• A) \(1.12 \mathrm { yr }\)
• B) \(7.62 \mathrm { yr }\)
• C) \(119.74 \mathrm { yr }\)
• D) \(112.13 \mathrm { yr }\)