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In 1626, the Dutch bought Manhattan Island, now part of New York City, for $24 worth of merchandise. Suppose that, instead, $24 had been invested in an account that paid 4% interest each year. Find the
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Aug 27, 2019
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In 1626, the Dutch bought Manhattan Island, now part of New York City, for $24 worth of merchandise. Suppose that, instead, $24 had been invested in an account that paid 4% interest each year. Find the balance in 2008.
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Let’s say the interest has compounded for 392 years or (2008-1626=392)
We solve by 24(1.04^392) = 114,098,581
Jack Miller
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Sep 3, 2019
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