Stamp collecting has become an increasinglypopularand
Chapter , Problem 9-11(choose chapter or problem)
Stamp collecting has become an increasinglypopularand expensivehobby. One favoritemethod is to save plate blocks (usually four stampswith the printing plate number in the margin) ofeach new stamp as it is issued. With rising postagerates and increased numbers of new stamps beingissued, this collecting plan costs more each year.Stamps have been a good place to invest moneyover the last 10 years, as the demand for stampspreviously issued has caused resale prices to incre-ase 18% each year. Suppose a collector purchased 100 worth of stamps 10 years ago, and increasedhis purchases by $50 per year in each subsequentyear. After 10 years of stamp collecting, what is thefuture worth of the stamp collection?
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