16.7k views
0 votes
how do you do this : A coin collection is purchased for $1,000. Twenty years later, the owner is told that the collection is worth quite a bit of money! If the rate of return on the stamp collection is 4% per year, what is the current value of the stamp collection? In your final answer, include all of your calculations.

User Docjay
by
7.5k points

1 Answer

3 votes
1000 times (1.04)^20 = $2,191 .
User Peter Alfvin
by
8.3k points