Your coin collection contains 1 hundred 1960 silver dollars. If your grandparents purchased them for their...

Question

Question

Your coin collection contains 1 hundred 1960 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 2050, assuming they appreciate at an annual rate of 5.5% ?

Answer 1

Answer #1

The collection amount is computed by using the below formula:

Future value = Present value ( 1 + r )ⁿ

Present value = $ 100

r = 5.5% or 0.055

n = 2050 - 1960

= 90

Plugging these values in the above mentioned formula, we shall get:

= $ 100 ( 1 + 0.055 )⁹⁰

= $ 12,380.02 Approximately

Feel free to ask in case of any query relating to this question

Answer 2

Similar Homework Help Questions

Your coin collection contains 40 1955 silver dollars. If your grandparents purchased them for their face...

Your coin collection contains 40 1955 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 2059, assuming they appreciate at a 11 percent annual rate?
Your coin collection contains 41 1956 silver dollars. If your grandparents purchased them for their face...

Your coin collection contains 41 1956 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 2042, assuming they appreciate at an annual rate of 9 percent? $64,444.56 $65,801.29 $67,836.38 $10,924.47 $69,193.11
Your coin collection contains 51 1944 silver dollars. If your grandparents purchased them for their face...

Your coin collection contains 51 1944 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 2039, assuming they appreciate at an annual rate of 10 percent? Multiple Choice $436,390.48 $423,298.76 $40,543.04 $414,570.95 $445,118.29

Your coin collection contains 55 1952 silver dollars. If your grandparents purchased them for their...

Your coin collection contains 55 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 2057, assuming they appreciate at an annual rate of 6.2 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Value of collection
Your coin collection contains ten 1949 silver dollars. If your grandparents purchased the coins for their...

Your coin collection contains ten 1949 silver dollars. If your grandparents purchased the coins for their face value when they were new, how much will your collection be worth when you retire in 2065, assuming the coins appreciate at an annual rate of 5.1 percent? $3,440.63 $2,329.29 $3,348.98 $3,205.64 $2,644.29
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.)

Marti's coin collection contains fifty 1948 silver dollars. Her grandparents purchased them at their face value...

Marti's coin collection contains fifty 1948 silver dollars. Her grandparents purchased them at their face value in 1948. These coins have appreciated by 7.6 percent annually. How much will the collection be worth in 2025? Multiple Choice $11,218.27 $14122.01 $14,07716 $18,987.56 $13.611.18
4. Your grandfather left you his coin collection in his will. It contains sixty 1952 silver...

4. Your grandfather left you his coin collection in his will. It contains sixty 1952 silver dolla Assuming your grandfather purchased them at face value ($1 each) when they were new, he much is your collection worth today (2018)? Assume they appreciated at a rate of 10% annual Show your work. g 0.04 million 4. 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...
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.

FUCCEMU 0.04 million 4. Your grandfather left you his coin collection in his will. It contains...

FUCCEMU 0.04 million 4. 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 TOBOR Question 1 20 pts DEFINE-INTERCULTURAL COMMUNICATION, DOMINANT CULTURE, CO-CULTURE, SOCIETY, INDIVIDUAL UNIQUENESS HTML Editora BIVA - A - I E331 XX, E DO NVO (D...