Question

Your coin collection contains 59,1952 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 2053, assuming they appreciate at an annual rate of 6.6 percent?

Answer 1

Answer:

The collection is worth $37,525.78.

Explanation:

Giving the following information:

Your coin collection contains 59 1952 silver dollars.

Interest rate= 6.6%

Number of years= 2053 - 1952= 101 years

To calculate the value of the collection today, we need to use the following formula:

FV= PV*(1+i)^n

FV= 59*(1.066^101)

FV= $37,525.78