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Sagot :
Answer:
$ 33,951.78
Explanation:
For this problem, you wan to know the future value of these coins later in 2055. For future value (FV), you need the rate, number of periods that occur (NPER), payment (PMT), and the present value (PV).
Currently, you know that you Present Value is 57, because that is how many silver dollars you have ($1 per coin). The rate is given: 6.4%. The number of periods is found by taking the year 2055 and subtracting 1952; 2055-1952=103. Then the payment is 0 here.
Rate: 6.4%
Nper: 103
PMT: 0
PV: 57
The formula for FV = PV [(1+rate)^NPER]. Or you use the function in excel of =FV(rate,nper,pmt,pv) to solve.
That should get you the answer of 33,951.78.
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