a) The first comic book is of shakitman was sold in 1938. In 2010, the estimated price for this comic book in good condition was about $500,000. This represented a return of 25 percent per year. For this to be true, what must the comic book have sold for when new?
b) Assume you want to buy a new house. You presently have $15,000 and you need to have $21,750 for the down payment and closing costs. If you can earn 7% per year, how long will it be before you have more money for the down payment and closing costs?