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Your coin collection contains 48 1943 silver dollars. If your grandparents purchased them for their face...

Your coin collection contains 48 1943 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 2038, assuming they appreciate at an annual rate of 11 percent?

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Answer #1

The purchase year for the coins is 1943 and the year of retirement is 2038, the total time period between the purchase date and the date of retirement is 95 years.

Compute the value of coins at the time of retirement, using the equation as shown below:

Future value = Coins worth*(1 + Rate)^Time

                     = 48*(1 + 0.11)^95

                     = 48*20,215.4300495

                     = 970,340.642376

Hence, the value of coins at the time of retirement is 970,340.642376.

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