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30 November, 17:06

Your coin collection contains fifty-four 1941 silver dollars. Your grandparents purchased them for their face value when they were new. These coins have appreciated at a 10 percent annual rate. How much will your collection be worth when you retire in 2060?

A. $3,611,008

B. $4,421,008

C. $3,987,456

D. $4,122,394

E. $4,551,172

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Answers (1)
  1. 30 November, 17:30
    0
    The correct answer is 3.

    Explanation:

    Giving the following information:

    Your coin collection contains fifty-four 1941 silver dollars. These coins have appreciated at a 10 percent annual rate.

    To calculate the future value, we need to use the following formula:

    FV = PV * (1+i) ^n

    i = 0.10

    PV = 54

    n = 2060 - 1942 = 119

    FV = 54*1.10^119 = 4,551,172.47
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