Interest rate.In1972, Bob purchased a new Datsun 240Z for $3,000. Datsun later changed its name toNissan, and the 1972 Datsun 240Z became a classic. Bob kept his car in excellent condition and in 2002 could sell the car for sixtimes what he originally paid. What wasBob's annualized rate of return for the 30 years he owned thiscar? If he keeps the car for another thirty years and earns the samerate, what could he sell the car for in2032?

What wasBob's annualized rate of return for the 30 years he owned thiscar?