Question

grandfather bought 76 cars at $1/ car. It is now 64 years later. if the cars have appreciated by 8 percent annually, how much is the car collection worth today?

Answer 1

64 years ago he bought 76 cars at $1 a car,

he paid $76

collection took 8% per year

value of a car 64 years later: 1*(1+(8/100))^64=1*1.08^64=137.759..=137.76$

value of the collection today: 137.76*76=$10,469.76=$10.469