Question

Your coin collection contains 59 1952 silver dollars. required: 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

The coins were purchased in 1952 for their face value, one dollar per coin. This puts total face value at 59 dollars in 1952. They appreciate at 6.6% per year, so in 101 years, their value can be found through this calculation: 59 x (1.066^101) = $37,525.78.