Question

In: Finance

Your coin collection contains 60 1958 silver dollars. If your grandparents purchased them for their face...

Your coin collection contains 60 1958 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 2043, assuming they appreciate at an annual rate of 8 percent?

Solutions

Expert Solution

Collection worth is given as=Number of coins*Initial Value*(1+r)^n
=60*1*1.08^(2043-1958)
=41607.3893380

jeff jeffy answered 2 years ago
Next > < Previous

Related Solutions

You are purchasing a car from your grandparents. You agree topay them $2000 today and...
You are purchasing a car from your grandparents. You agree to pay them $2000 today and $2000 per year for the next 3 years. If the Kelly Blue Book value of the car is $7,200, what is the implied interest rate you are paying your grandparents?
You owe your parents $28,000 (in present day dollars) and want to repay them in equal...
You owe your parents $28,000 (in present day dollars) and want to repay them in equal amounts the first to occur in 3 years from today and the other in 8 years from today. If the interest rate is 10.9% per annum compounding monthly, what will be the amount of each repayment? Select one: a. $24520 b. $38774 c. $66705 d. $38191
Two years ago you purchased a new SUV. You financed your SUV for 60 months (with...
Two years ago you purchased a new SUV. You financed your SUV for 60 months (with payments made at the end of the month) with a loan at 6.3% APR. You monthly payments are $640 and you have just made your 24th monthly payment on your SUV. a. What is the amount of your original loan? The amount of the original loan is $. (round to the nearest dollar) b. Assuming that you have made all of the first 24...
Two years ago you purchased a new SUV. You financed your SUV for 60 months (with...
Two years ago you purchased a new SUV. You financed your SUV for 60 months (with payments made at the end of the month) with a loan at 6.2% APR. You monthly payments are $635 and you have just made your 24th monthly payment on your SUV. a. What is the amount of your original loan? The amount of the original loan is $. (round to the nearest dollar) b. Assuming that you have made all of the first 24...
Two years ago you purchased a new SUV. You financed your SUV for 60 months (with...
Two years ago you purchased a new SUV. You financed your SUV for 60 months (with payments made at the end of the month) with a loan at 6.0% APR. You monthly payments are $625 and you have just made your 24th monthly payment on your SUV. a) What is the amount of your original loan? The amount of the original loan is $ ------ b) Assuming that you have made all of the first 24 payments on time, what...
Two  years  ago  you  purchased  a  new  SUV.  You  financed  your  SUV  for  60  months  (with payments
Two  years  ago  you  purchased  a  new  SUV.  You  financed  your  SUV  for  60  months  (with payments  made  at  the  end  of  the  month)  with  a  loan  at  5.9%  APR.  Your  monthly  payments  aare $617.16  and  you  have  just  made  your  24th  monthly  payment  on  your  SUV. Required:  Assuming  that  you  have  made  all  of  the  first  24  payments  on  time,  how  much interest have  you  paid  over  the  first  two  years  of  your  loan?  
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT