Question

Your coin collection contains 95 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 2060, assuming they appreciate at an annual rate of 4.9 percent

Answer 1

FV= $16,652.38

Step-by-step explanation:

Giving the following information:

Your coin collection contains 95 1952 silver dollars.

Number of years= 2060 - 1952= 108

They appreciate at an annual rate of 4.9 percent.

To calculate the future value of the coins, we need to use the following formula:

FV= PV*(1+i)^n

FV= 95*(1.049^108)

FV= $16,652.38