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Your coin collection contains fifty 1952 silver dollars. If your grandparents purchased them for their face value when they were new, how much will your collection be worth when you retire in 2,061, assuming
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3 votes
3 votes
Your coin collection contains fifty 1952 silver dollars. If your grandparents purchased them for their face value when they were new, how much will your collection be worth when you retire in 2,061, assuming they appreciate at an annual rate of 3.3 percent

User Sean Thompson
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1 Answer

24 votes
24 votes

Answer:

$1721.49

Step-by-step explanation:

The formula for calculating future value:

FV = P (1 + r)^nm

FV = Future value

P = Present value

R = interest rate

m = number of compounding

N = number of years = =2061 - 1952 = 109

50 x (1.033)^109 = $1721.49

User CarlM
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2.9k points
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