Assume that in 2018, the first edition of a comic book was sold at auction for $597,20o. The comic book was originally sold in 1935 for $.05. For this to have been true, what was the annual increase in the value of the comic book? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Annual increase %
Assume that in 2018, the first edition of a comic book was sold at auction for $597,20o. The comic book was originally sold in 1935 for $.05. For this to have been true, what was the annual increase in the value of the comic book? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Annual increase %
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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Transcribed Image Text:Assume that in 2018, the first edition of a comic book was sold at auction for $597,20o.
The comic book was originally sold in 1935 for $.05.
For this to have been true, what was the annual increase in the value of the comic book?
(Do not round intermediate calculations and enter your answer as a percent rounded
to 2 decimal places, e.g., 32.16.)
Annual increase
%
Expert Solution
Step 1
Price in 1935 (P0) = $0.05
Price in 2018 (Pn) = $597,200
Period form 1935 to 2018 (n) = 83 Years
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