Assume the Cost of a Gallon of Milk Is $3

question 335

Multiple Choice

Assume the cost of a gallon of milk is $3.40. With continuous compounding, find the time it would take the cost to be 4 times as much (to the nearest tenth of a year) , at an annual inflation rate of 6%.

• A) 0.1 yr
• B) 8.5 yr
• C) 0.0 yr
• D) 23.1 yr

---

Definitions:

Common Carriers

Companies that offer transportation services to the public under the authority of a regulatory body and are required to provide service without discrimination.

Common Law

Common Law is a legal system based on judicial decisions and precedent, as opposed to statutes or written laws enacted by a legislative body.

Warehouse Operator

An entity or individual responsible for managing the storage, handling, and distribution of goods in a warehouse.

Storage Contract

A legal agreement where one party agrees to store goods for another party for a period of time, usually against a fee.