Suppose that in 2015, a $10 silver certificate from 1898 sold for $11,700. For this to have been true, what would the annual increase in the value of the certificate have been?

The annual increase in the value of the certificate would have been 6.22 percent

Explanation:

From the provided data we have,

Worth of the silver certificate in 1898 equal to $10

Price sold for the silver certificate in 2015 equal to $11,700

To determine what would the annual increase in the value of the certificate have been;

Price sold = original price × (1 + r)( initial year bought - year sold)

$11,700 = $10 ×(1 + r)(2015- 1898)

r = 6.22 percent

answer; the correct answer is (0.08);