Solve the Problem. -The Purchasing Power of a Dollar Is Decreasing at the Decreasing

question 338

Multiple Choice

Solve the problem.
-The purchasing power of a dollar is decreasing at the rate of 6.0% annually, compounded continuously. How long will it take for the purchasing power of $1.00 to be worth $0.81? Round answers to the nearest hundredth.

• A) 13.50 yr
• B) 0.04 yr
• C) 0.35 yr
• D) 3.51 yr

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Definitions:

Western United States

A region of the United States that includes the states located west of the Mississippi River.

Coastal Mexico

A geographic region referring to the areas of Mexico that are adjacent to the Pacific Ocean, Gulf of Mexico, and the Caribbean Sea.

Biome

A large ecological community with distinct climate, plants, and animals adapted to its conditions, classified by predominant vegetation and characterized by adaptations of organisms to that particular environment.

Principal Factors

The main or most important elements or components that contribute to a specific process or outcome.