Your coin collection contains fifty 1952 silver dollars.
Your coin collection contains fifty 1952 silver dollars. If your grandparents purchased them for their face value when they were new, how much will your collection be worth when you retire in 2063, assuming they appreciate at an annual rate of 4.8 percent?(Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Homework Answers
The future value is computed as shown below:
Future value = Present value x (1 + r )n
Present value = 50
r = 4.8% or 0.048
n = 2063 - 1952
= 111
Plugging these values in the above mentioned formula, we shall get:
= $ 50 x ( 1 + 0.048 )111
= $ 9,100.65 Approximately
Feel free to ask in case of any query relating to this question
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