Reference no: EM131206018
This pristine-condition rare dime made in 1894 at the San Francisco Mint sold Monday, March 7, 2005, for $1,322,500 at a rare coin auction in Baltimore. Only 24 dimes were made in 1894 at the San Francisco Mint, and this is the finest of the 10 known surviving specimens, according to John Feigenbaum, President of David Lawrence Rare Coins of Virginia Beach, Va., the auctioneer. The coin was consigned by collector, Bradley Hirst, of Richmond, Ind., who paid $825,000 for it six years ago, and sold to an anonymous bidder who participated in the auction by telephone. That's the most anyone has ever paid for a dime!
What annual rate of return did the owner realize from owning the dime over the past 6 years?
What is the annual rate of return if someone had paid $10 for it in 1894 and the family sold it in 2005 (Assume 110 years later) for $ 1,322,500?Was this a great investment considering what you have learned about the average return for the stock market?
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: What is the annual rate of return if someone had paid $10 for it in 1894 and the family sold it in 2005 (Assume 110 years later) for $ 1,322,500?Was this a great investment considering what you have learned about the average return for the stock ..
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