The continuously compounded return at a specific time is calculated using the natural logarithm of the ratio of the price at that time to the price at the previous time step.

For time 3: $R_3 = \ln\left(\frac{P_3}{P_2}\right)$ $R_3 = \ln\left(\frac{97.76}{98.65}\right)$ $R_3 = \ln(0.990978) \approx -0.00906$

Converting to a percentage, we get -0.906%, which rounds to -0.91%.