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Assume that in 2018, the first edition of a comic book was sold at auction for $762,400. The comic book was originally sold in 1938 for $.05. For this to have been true, what was the annual increase in the value of the comic book

Sagot :

Ayokenny2001idn

Answer:

See below

Explanation:

The above is calculated using;

A = P(1 + r/100)^n

Where

A = Future value

P = Present value

r = rate of interest

n = time period

762,400 = 0.05(1 + r/100) ^ 80

(762,400/0.05)^(1/80) = 1 + r/100

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