1. Calculating Present Values (LO2)

The first comic book featuring Superman was sold in 1938. In 2014, this comic book was sold for $3.2 million on eBay. This represented a return of 25.53% per year. For this to be true, what must the comic book have sold for when new?

2. Calculating Rates of Return (LO3)

The "Brasher doubloon," which was featured in the plot of the Raymond Chandler novel The High Window, was sold at auction in 2014 for $4,582,500. The coin had a face value of $15 when it was first issued in 1787 and had been previously sold for $430,000 in 1979. At what annual rate did the coin appreciate from its minting to the 1979 sale? What annual rate did the 1979 buyer earn on his purchase? At what annual rate did the coin appreciate from its minting to the 2014 sale?

Please provide detailed answer with explanation and calculations.