Your grandfather left you his coin collection in his will. It contains sixty 1952 silver dollars....
Your grandfather left you his coin collection in his will. It contains sixty 1952 silver dollars. Assuming your grandfather purchased them at face value ($1 each) when they were new, how much is your collection worth today (2018)? Assume they appreciated at a rate of 10% annually. Show your work.
Homework Answers
| Answer: | |||||
| The collection will be worh $32,364.47 dollars | |||||
| Explanation: | |||||
| from 1952 to 2018 the coins appreciate at 10 percent | |||||
| so we will calculate compound interest annualy for this time-period | |||||
| 2018 - 1952 = 66 years | |||||
| Principal (1+r)^time = Amount | |||||
| Principal 60.00 (as there are 60 - 1 dollar coins) | |||||
| time 66 years | |||||
| rate 0.10 | |||||
| 60(1+0.10)^66 | |||||
| $32,364.47 |
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