Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A gentleman bought a limited-edition Wolverine figurine in 1974 for $0.15. In 2012,38 years later, he sold it for $36,900. What return did he earri

image text in transcribed
A gentleman bought a limited-edition Wolverine figurine in 1974 for $0.15. In 2012,38 years later, he sold it for $36,900. What return did he earri per year over those 38 years Round your answer to the nearest hundredth of a percent. For example, enter 7% as 7.00 or 6.625% as 6.63 . Type your answer- 2 goints Identify the correct formula used in the previous problem. $0.15=(1+r)333mop $36,90036=$0.15(1+r) $0.15=r130.300 $36,900=r10.15 836,900=7(6+151215 80.16=612136.200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Handbook Of Frontier Markets Evidence From Middle East North Africa And International Comparative Studies

Authors: Panagiotis Andrikopoulos , Greg N. Gregoriou , Vasileios Kallinterakis

1st Edition

0128092009,0128094915

More Books

Students also viewed these Finance questions