Your grandparents bought their collection of one hundred silver dollars at face value in 1952.If they appreciated at a rate of 3% per year,how much were they worth in 2006?
A) $493.41
B) $262.00
C) $479.04
D) $508.21
E) $518.00

Question

Quizplus · Accepted Answer

FV = PV × 11ea7fdb_fc27_bee9_a768_f71724dca372_TB2902_00 FV = 100 × 11ea7fdb_fc27_beea_a768_f5569c8b6f95_TB2902_00 = $493.41
Using a financial calculator:
N = 54, I/Y = 3, PV = -100, PMT = 0, cpt FV = $493.41

Your Grandparents Bought Their Collection of One Hundred Silver Dollars