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 $1,210,000. The comic book was originally sold in 1938 for $.05.

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 $1,210,000. The comic book was originally sold in 1938 for $.05.

Explanation / Answer

125.83% Formula used Total number of years 74 Initial Price 0.05 Final Price 1210000 Annual % Increase 125.83% Formula used ((Final Price/Initial price)-1)^(1/no of years)

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