In March 1963, Ironman was first introduced in issue number 39 of Tales of Suspense. The original price for that issue was 12 c

Question

2 years ago

6

In March 1963, Ironman was first introduced in issue number 39 of Tales of Suspense. The original price for that issue was 12 c

ents. By March of 2015, 52 years later, the value of this comic book has risen to $11 comma 750. What annual rate of interest would you have earned if you had bought the comic in 1963 and sold it in 2015 (52 years later)?

Business

1 answer:

lidiya [134] · Answer 1 · 2022-08-12T08:52:16+03:00

lidiya [134]2 years ago

4 0

Answer:

24.73%

Explanation:

(1 + i)ⁿ = future value / present value

annual interest rate = i

n = 52 years

future value = $11,750

present value = $0.12

(1 + i)⁵² = $11,750 / $0.12 = 97,917

1 + i = ⁵²√97,917

1 + i = 1.2473

i = 1.2473 - 1 = 0.2473 = 24.73%

In March​ 1963, Ironman was first introduced in issue number 39 of Tales of Suspense. The original price for that issue was 12 c

In March 1963, Ironman was first introduced in issue number 39 of Tales of Suspense. The original price for that issue was 12 c