A Condominium Complex Was Purchased by a Group of Private

question 158

Short Answer

A condominium complex was purchased by a group of private investors for $1.5 million and sold 7 year(s) later for $3.7 million. Find the annual rate of return (compounded continuously) on their investment. Round your answer to the nearest hundredth.
Annual rate is __________% per year.

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Definitions:

Testable Hypotheses

A proposition that can be experimentally evaluated to determine its validity.

Existing Theory

An established set of ideas or principles aimed at explaining facts or phenomena, already supported by a significant amount of empirical evidence.

Subsequent Research

The studies or investigations conducted after a preliminary study to further explore a subject or hypothesis.

Replicated

The process of conducting a research study again to verify its results and ensure reliability and validity.