Your coin collection contains 100 1952 silver dollars

Finance Oct 06, 2020

Your coin collection contains 100 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 2058, assuming they appreciate at an annual rate of 4.7 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

value of collection?

Expert Solution

Computation of the value of collection:-

FV = PV*(1+Rate)^n

Here,

n = (2058-1952) = 106 years

FV = $100*(1+4.7%)^106

= $100*130.1213

= $13,012.13

Hence, the value of collection = $13,012.13

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