A coin sold at auction in 2017 for $2,429,000. The coin had a face value of $20 when it was issued in 1789 and had previously been sold for $275,000 in 1976.
a. At what annual rate did the coin appreciate from its first minting to the 1976 sale? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
b.What annual rate did the 1976 buyer earn on his purchase? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
c.At what annual rate did the coin appreciate from its first minting to the 2017 sale? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
a. Rate of return from 1789 to 1976 = 5.23%
b. Rate of return from 1976 to 2017 = 5.90 %
C. Rate of return from 1789 to 2017= 5.34%
