Question

Assume that in 2015, the first edition of a comic book was sold at auction for $1,905,000. the comic book was originally sold in 1941 for $.07. for this to have been true, what was the annual increase in the value of the comic book? (do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places,

e.g., 32.16.) annual increase %

Answer 1

Time =2,015−1,941=74 years

Annual increase=(1,905,000÷0.7)^(1÷74)−1=0.2217×100=22.17%