Your coin collection contains 100 1952 silver dollars.

Your coin collection contains 100 1952 silver dollars.

Required:

If your grandparents purchased them for their face value when they were new, how much will your collection be worth when you retire in 2058, assuming they appreciate at a 4.7 percent annual rate? (Do not include the dollar sign ($). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Value of collection

$

rev: 04-29-2011

Explanation:

To find the FV of a lump sum, we use:

FV = PV(1 + r)t

FV = $100(1.047)106

FV = $13,012.13

Calculator Solution:

Note: Intermediate answers are shown below as rounded, but the full answer was used to complete the calculation.

Enter

106

4.7%

±$100

N

I/Y

PV

PMT

FV

Solve for

$13,012.13