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27 October, 10:50

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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  1. 27 October, 11:11
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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
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