Suppose the first comic book of a classic series was sold in 1954. in 2015, the estimated price for this comic book in good condition was about $310,000. this represented a return of 22 percent per year. for this to be true, what was the original price of the comic book in 1954?

Question

Mathematics

Cale Douglas

19 October, 05:36

Suppose the first comic book of a classic series was sold in 1954. in 2015, the estimated price for this comic book in good condition was about $310,000. this represented a return of 22 percent per year. for this to be true, what was the original price of the comic book in 1954?

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Answers (1)

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Edith Mcbride · Answer 1

1954 to 2015 = 61 years

310,000 = x * (1.22) ^61

where x i original price

x = 310,000 / 185,33 2

x = 1.67

Original price = 1.67 which seems a little high, but that's my answer.

x = 12.22