Ten years ago a collector paid $2,000 for a Cal Ripkin autographed
baseball. Today it is worth $24,000. Find the annual rate of appreciation

Given:

Given that ten years ago a collector paid $2000 for a Cal Ripkin autographed baseball. Today it is worth $24,000.

We need to determine the annual rate of appreciation.

Rate of appreciation:

The rate of appreciation can be determined using the formula,

where A is the total amount,

P is the initial amount,

t is the time in years and

r is the rate of appreciation.

Substituting A = 24,000, P = 2000 and t = 10, we get;

Simplifying, we get;

Thus, the rate of appreciation is 28.209%

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step-by-step explanation: