1. 15.

Calculating rates of return [LO 5.3] The ‘Brasher doubloon’, which was featured in the plot of the Raymond Chandler novel, The High Window, was sold at auction in 2014 for US$4 582 500. The coin had a face value of US$15 when it was first issued in 1787 and had been previously sold for US$430 000 in 1979. At what annual rate did the coin appreciate from its minting to the 1979 sale? What annual rate did the 1979 buyer earn on his purchase? At what annual rate did the coin appreciate from its minting to the 2014 sale? Assume all returns and calculations are in US dollars.