Question

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? D) $11,218.27 B) $18,987.56 E) $14,077.16 A) $13,611.18 C) $14,122.01

Answer 1

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 ;

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