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Your coin collection contains 60 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 2070, assuming they appreciate at an annual rate of 5.1 percent? (Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)

Respuesta :

TomShelby

Answer:

The collection will be worh 23,768.87 dollars

Explanation:

from 1952 to 2070 the coins appreciate at 5.1 percent

so we will calculate compound interest annualy for this time-period

2070 - 1952 = 118 years

[tex]Principal \: (1+ r)^{time} = Amount[/tex]

Principal 60.00 (as there is 60 1 dollar coins)

time 110 years

rate          0.05200

[tex]60 \: (1+ 0.052)^{118} = Amount[/tex]

Amount 23,768.87

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