Homework SourseIn 2012 an Action Comics No 1 featuring the first appearance
In 2012, an Action Comics No. 1, featuring the first appearance of Superman, was sold at auction for $1,050,000. The comic book was originally sold in 1939 for $.05.
For this to have been true, what was the annual increase in the value of the comic book?
| In 2012, an Action Comics No. 1, featuring the first appearance of Superman, was sold at auction for $1,050,000. The comic book was originally sold in 1939 for $.05. For this to have been true, what was the annual increase in the value of the comic book? |
Solution
current value of comics is 1050000
year when it was purchased first = 1939
year when sold= 2012
total lapse year = 2012 - 1939 = 73
original purchased for $0.5
so the growth of comics in 73 years = (1050000/ 0.5 )*100 = 210,000,000 %
annual growth will be 210,000,000/73= 2876712%
