To determine the annual rate of appreciation.
Answer to Problem 17P
The rate of appreciation is approximately 11.4%
Explanation of Solution
Given information:
Gold coin appreciated in value from $100 to $238 in 8 years.
We shall use the formula of appreciation,
We put the values from the question.
Here we have to find the rate
Initial value is
Hence we get,
Hence the rate of appreciation is approximately 11.4%
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