Question

In 2011, an Action Comics No. 1, featuring the first appearance of Superman, was sold at auction for $2,161,000. The comic book was originally sold in 1938 for $.10. Required: What was the annual increase in the value of this comic book?

Answer 1

Answer: There is an annual increase of $29602.60 in the value of this comic book.

Explanation:

Since we have given that

Amount he paid for the comic book in 1938 = $10

Amount he get for the comic book in 2011 = $2161000

So, Annual increase in the value in the value of this comic book is given by

`(2161000-10)/(2011-1938)\\\\=(2160990)/(73)\\\\=\$29602.60`

Hence, there is an annual increase of $29602.60 in the value of this comic book.