In 2012, an Action Comics No. 1, featuring the first appearance of Superman, was

Question

In 2012, an Action Comics No. 1, featuring the first appearance of Superman, was sold at auction for $857,000. The comic book was originally sold in 1942 for $.06.

For this to have been true, what was the annual increase in the value of the comic book? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)

In 2012, an Action Comics No. 1, featuring the first appearance of Superman, was sold at auction for $857,000. The comic book was originally sold in 1942 for $.06.

Explanation / Answer

Time = 70 years

Past value of comic * ( 1+ rate )time = Present value of comic
rate = ( PV of Comic book/ Past value of comic book )^1/time -1 = (857000/ 0.06)1/70 - 1 = 26.54%

Best of Luck.God Bless

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