A coin sold at auction in 2019 for $6,788,000. The coin had a face value of $5 when it was issued in 1790 and had
A coin sold at auction in 2019 for $6,788,000. The coin had a face value of $5 when it was issued in 1790 and had been previously sold for $280,000 in 1967. a. At what annual rate did the coin appreciate from its first minting to the 1967 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 1967 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 2019 sale? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
please help with b. and c.
A coin sold at auction in 2019 for $6,788,000. The coin had a face value of $5 when it was issued in 1790 and had been previously sold for $280,000 in 1967. a. b. At what annual rate did the coin appreciate from its first minting to the 1967 sale? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) What annual rate did the 1967 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.) At what annual rate did the coin appreciate from its first minting to the 2019 sale? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) C. a. Rate of return from 1790 to 1967 6.37% b. Rate of return from 1967 to 2019 7.02% c. Rate of return from 1790 to 2019 6.51%Step by Step Solution
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