Write the Word or Phrase That Best Completes Each Statement $\$ 1600$

question 41

Multiple Choice

Write the word or phrase that best completes each statement or answers the question.
-How long will it take for $\$ 1600$ to grow to $\$ 24,300$ at an interest rate of $4.4 \%$ if the interest is compounded continuously? Round the number of years to the nearest hundredth.

• A) \(6182.89 \mathrm { yr }\)
• B) \(1.89 \mathrm { yr }\)
• C) \(6.18 \mathrm { yr }\)
• D) \(61.83 \mathrm { yr }\)