Question

your coin collection contains 56 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 2056, assuming they appreciate at an annual rate of 6.3 percent

Answer 1

Answer: $32184.54

Explanation:

For us to calculate this , we will use the formula for the future value which has been solved and attached. It should.be noted that:

Present value(PV) = $56

r = rate = 6.3% = 6.3/100 = 0.063

n = time = 2056 - 1952 = 104

The question has been solved and the answer is $32184.54

When they retire in 2056, the collection will be worth $32184.54