Your coin collection contains 58 1952 silver dollars. If your grandparents purchased them for their face value when they were new, how much will your collection be worth when you retire in 2068, assuming they appreciate at a 4.9 percent annual rate? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) Future value $ Explanation: To find the FV of a lump sum, we use: FV = PV(1 + r)t FV = $58(1.049)116 = $14,906.81 Calculator Solution: Note: Intermediate answers are shown below as rounded, but the full answer was used to complete the calculation. Enter 116 4.9% $58 N I/Y PV PMT FV Solve for $14,906.81

Your coin collection contains 58 1952 silver dollars. If your grandparents purchased them for their face value when they were new, how much will your collection be worth when you retire in 2068, assuming they appreciate at a 4.9 percent annual rate? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

 

Future value

$

Explanation:

To find the FV of a lump sum, we use:

FV = PV(1 + r)t

FV = $58(1.049)116 = $14,906.81

Calculator Solution:

Note: Intermediate answers are shown below as rounded, but the full answer was used to complete the calculation.

Enter

116

4.9%

$58

N

I/Y

PV

PMT

FV

Solve for

$14,906.81