SOLUTION: Michael purchased a Wayne Gretzkey rookie card for $3.50 in 1985. In 2008 the card is worth $58.19. What was the annual rate of appreciation ?
I think the answer is 1.3% ????
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-> SOLUTION: Michael purchased a Wayne Gretzkey rookie card for $3.50 in 1985. In 2008 the card is worth $58.19. What was the annual rate of appreciation ?
I think the answer is 1.3% ????
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Question 129850: Michael purchased a Wayne Gretzkey rookie card for $3.50 in 1985. In 2008 the card is worth $58.19. What was the annual rate of appreciation ?
I think the answer is 1.3% ???? Answer by oscargut(2103) (Show Source):
You can put this solution on YOUR website! You have to solve:
n=23 (years)
3.5(1+x)^23=58.19
then (1+x)^23=16.626
then 1+x=1.13 then x=0.13
then annual rate is 13%
R: annual rate = 13%
