posted by Amber .
A comic book was purchased for 10 cents in 1948 and is now worth $55 today. What has been the average annual compound rate of return on this item?
I tried to use the formula R=[(y/x)^(1/n)]-1 and I come up with a negative answer. Please help!
I would say you mis-applied the formula. Your formula is correct. Hint: I get R=0.11089, where y=55, x=0.1, and n=60.