1. Tom is baseball card collector. Older cards of great players in mint condition imcrease in value over time. He bought his most valuable card in 2002 for $600. Assuming it appreciates in value at a rate of 8% each year, how much is the card currently worth?

1. Tom is baseball card collector. Older cards of great players in mint condition imcrease in value over time. He bought his most valuable card in 2002 for $600. Assuming it appreciates in value at a rate of 8% each year, how much is the card currently worth?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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1. Tom is baseball card collector. Older cards of great players in mint condition imcrease in value over time. He bought
his most valuable card in 2002 for $600. Assuming it appreciates in value at a rate of 8% each year, how much is the card
currently worth?

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