Question

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 2060, assuming they appreciate at a 5.7% annual rate

Answer 1

$19,909.88

Step-by-step explanation:

Calculation to determine how much will your collection be worth when you retire in 2060,

Future value = Present value x (1 + r )n

Present value = 50

r = 5.7% or 0.057

n = 2060- 1952= 108

Plugging these values in the above mentioned formula, we shall get:

Future value= $ 50 x ( 1 + 0.057 )^108

Future value= $ 50 x ( 1 +.057 )^108

Future value= $19,909.88 Approximately

Therefore how much will your collection be worth when you retire in 2060 is $19,909.88