Problem 5-15 Calculating Rates of Return [LO3]

A coin that was featured in a famous novel sold at auction in 2014 for $3,752,000. The coin had a face value of $10 when it was issued in 1793 and had previously been sold for $190,000 in 1970.

At what annual rate did the coin appreciate from its first minting to the 1970 sale? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Rate of return

%

What annual rate did the 1970 buyer earn on his purchase? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Rate of return

%

At what annual rate did the coin appreciate from its first minting to the 2014 sale? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Rate of return

%