A Condominium Complex Was Purchased by a Group of Private

question 74

Short Answer

A condominium complex was purchased by a group of private investors for $1.3 million and sold 6 year(s) later for $3.8 million. Find the annual rate of return (compounded continuously) on their investment. Round your answer to the nearest hundredth.
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Annual rate is __________% per year.

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Definitions:

Melanin

A natural pigment found in most organisms, responsible for coloration in skin, hair, and eyes, and provides protection against UV radiation.

Suntanned

The darkening of skin color due to the exposure to sunlight or ultraviolet light which increases melanin production in the skin.

Sunburned

Damage to the skin caused by excessive exposure to ultraviolet radiation from the sun, leading to redness and inflammation.

Collagen Fibers

Strong, fibrous proteins that are a major component in skin, bone, tendons, and other connective tissues.