Your coin collection contains 1 hundred 1960 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 2050, assuming they appreciate at an annual rate of 5.5% ?
The collection amount is computed by using the below formula:
Future value = Present value ( 1 + r )^{n}
Present value = $ 100
r = 5.5% or 0.055
n = 2050 - 1960
= 90
Plugging these values in the above mentioned formula, we shall get:
= $ 100 ( 1 + 0.055 )^{90}
= $ 12,380.02 Approximately
Feel free to ask in case of any query relating to this question
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