Question
A coin sold at auction in 2017 for $9,786,000. The coin had a face value of $15 when it was issued in 1794 and had
A coin sold at auction in 2017 for $9,786,000. The coin had a face value of $15 when it was issued in 1794 and had previously been sold for $140,000 in 1973.
a.At what annual rate did the coin appreciate from its first minting to the 1973 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 1973 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.)
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