Assume that in 2018, a copper penny struck at the Philadelphia mint in 1796 was sold for $495,000. What was the rate of return on this investment? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Rate of return %

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter2: The Domestic And International Financial Marketplace
Section: Chapter Questions
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Assume that in 2018, a copper penny struck at the Philadelphia mint in 1796 was sold for
$495,000.
What was the rate of return on this investment? (Do not round intermediate calculations
and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Rate of return
%
Transcribed Image Text:Assume that in 2018, a copper penny struck at the Philadelphia mint in 1796 was sold for $495,000. What was the rate of return on this investment? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Rate of return %
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Time value of money (TVM) refers to the concept which proves that the value of money today is higher than the future value of money.

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