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kvasek [131]
3 years ago
11

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

oins have appreciated by 7.6 percent annually. How much will the collection be worth in 2025? D) $11,218.27 B) $18,987.56 E) $14,077.16 A) $13,611.18 C) $14,122.01
Business
1 answer:
Elina [12.6K]3 years ago
3 0

Answer: E) $14,077.16

Explanation:

Purchased in 1948, by 2025, the coins would have been around for;

= 2025 - 1948

= 77 years

Value then was;

= $1 * 50 coins

= $50

Interest rate = 7.6%

2025 value ;

= P(1+r)^{n}  \\= 50(1+0.076)^{77}  \\= $14,077.16

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