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How much is the percent return per year compounded annually

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Question - Comic books have recently grown in popularity among collectors. Spiderman, who first appeared in Amazing Fantasy No. 15, is an extremely popular superhero. The comic book sold in August 1963 at a cover price of 12 cents. In 2011, a copy of this issue had mutated to a price of $1.1 million at auction, the first Marvel Comics superhero to hit the million dollar mark. This seems like a very high return to the untrained eye, and indeed it is! How much is the percent return per year compounded annually? Assume number of periods is 48 years.

Reference no: EM133125475

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