Question

​(Solving for r in compound interest long dash—financial calculator needed​) In September​ 1963, the first issue of the comic book ​X-MEN was issued. The original price for that issue was $0.09. By September 2016 ,53 years​ later, the value of the​ near-mint copy of this comic book had risen to $32,900 What annual rate of interest would you have earned if you had bought the comic in 1963 and sold it in 2016?

The annual rate of interest you would have earned is___%

Answer 1

The original price for issue of X-men omic book in 1963 was $0.09

Price in 2016 = $32900

So, annual interest rate over 53 years = (final price/initial price)^(1/53) - 1

annual rate of interest = (32900/0.09)^(1/53) - 1 = 27.34%