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Assume that in 2018, a copper penny struck at the Philadelphia mint in 1794 was sold for $345,000
Assume that in 2018, a copper penny struck at the Philadelphia mint in 1794 was sold for $345,000. What was the rate of return on this investment?
Expert Solution
Rate of return = [Value(2018) / Value(1794)]1/n - 1
= [$345,000 / $0.01]1/(2018-1794) - 1
= 1.0806 - 1
= 0.0806 or 8.06%
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