5. Mary Smith can purchase rare gemstones for $2,000 each. She thinks this is a fair price and that the market value of the stones will increase an average of 20 percent per year over the long term. How many stones should she purchase if she wishes her collection to be worth at least $50,000 in five years?

5. Mary Smith can purchase rare gemstones for $2,000 each. She thinks this is a fair price and that the market value of the stones will increase an average of 20 percent per year over the long term. How many stones should she purchase if she wishes her collection to be worth at least $50,000 in five years?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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