Solve the problem.Assume the cost of a car is $20,000. With continuous compounding in effect, the cost of the car will increase according to the equation C = 20,000ert, where r is the annual inflation rate and t is the number of years. Find the number of years it would take to double the cost of the car at an annual inflation rate of 5.9%. Round the answer to the nearest hundredth.
A. 167.86 years
B. 11.75 years
C. 1.68 years
D. 179.60 years
Answer: B
Mathematics
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