Julian was given a gold coin originally purchased for $1 by his great grandfather 50 years ago.Today the coin is worth $450.The rate of return realized on the sale of this coin is approximately equal to:
A) 7.5%
B) 13%
C) 50%
D) 10%
E) 15%

Question

Quizplus · Accepted Answer

i = 11ea7fdb_fc26_ad66_a768_4d2a188ead7a_TB2902_00 - 1
i = 11ea7fdb_fc26_d477_a768_3b6fc3f88f67_TB2902_00 - 1 = 13%
Using a financial calculator:
N = 50, PV = -1, PMT = 0, FV = 450, cpt I/Y = 13%

Julian Was Given a Gold Coin Originally Purchased for $1