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.

---

Definitions:

Lawyer

A professional who is qualified to offer advice about the law or represent someone in legal matters.

Pulmonary Consolidation

An acute lung pathology characterized by the filling of airspaces with liquid instead of air, often seen in pneumonia.

Bronchophony

An abnormal increase in the clarity of transmitted voice sounds heard when auscultating the lungs, indicative of lung pathology.

Auscultation

The act of listening to the sounds of the body, typically using a stethoscope, as part of a medical examination to assess the condition of the heart, lungs, or other organs.