In September 1963, the first issue of the comic book X-MEN was issued. The original price for that issue was $0.14. By September 2021, 58 years later, the value of the near-mint copy of this comic book has risen to $55 comma 700. What annual rate of interest would you have earned if you had bought the comic in 1963 and sold it in 2021

24.9%

Explanation:

In this question, we are asked to calculate the annual that would have been earned if a comic book bought in 1963 is sold in 2021.

We proceed as follows:

Price of comic book in 1963 = $0.14 or 14 cents

Price of comic book in 2021 = $55,700

The investment period = 58 years

We represent the rate of interest earned by buying the book in 1963 and selling in 2021 as r.

The Total amount A = P(1+r)^n

55,700 = 0.14(1+r)^58

397,867 = (1+r)^58

By computation,

1+r = 1.249

r = 0.249

This means that the rate of interest earned is 24.9%

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