Question

Savedour coin collection contains 54 1952 silver dollars. If your grandparents purchased themor their face value when they were new, how much will your collection be worth whenou retire in 2058, assuming they appreciate at an annual rate of 10 percent

Answer 1

Given:

Coin collection = 54 in 1952

Retire = 2058

Annual rate = 10%

Find-:

How much will your collection

Explanation-:

Future value is:

`\text{ Future value}=\text{ Present value}*(1+\text{ interest value\rparen}^{\text{ Time}}`

Time is:

`\begin{gathered} \text{ Time }=2058-1952 \\ \\ \text{ Time}=106 \end{gathered}`

Present value = 54

So the future value is:

`\begin{gathered} \text{ Future value }=54*(1+(10)/(100))^(106) \\ \\ =54*(1+0.1)^(106) \\ \\ =54*(1.1)^(106) \\ \\ =1318312.55 \end{gathered}`

So the value in 2058 is 1318312.55.