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:

Value

A piece of data or information that can be stored in a variable, passed as a parameter, or returned by a method in programming.

Invalid Identifier

A term used in programming for a name that does not follow the defined naming conventions or rules for identifiers.

Java

A class-based, high-level object-oriented programming language built to minimize implementation dependencies as much as possible.

Expression Value

The result of evaluating a specific combination of variables, constants, operators, and functions.