Question: A coin that was featured in a famous novel sold at auction in 2014 for $2,860,000. The coin had a face value of $5 when it was issued in 1787 and had previously been sold for $405,000 in 1972. At what annual rate did the coin appreciate from its first minting to the 1972 sale?
What annual rate did the 1972 buyer earn on his purchase? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Rate of return %
At what annual rate did the coin appreciate from its first minting to the 2014 sale?