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21 August, 11:37

In 1626, the Dutch bought Manhattan Island, now part of New York City, for $24.75 worth of merchandise. Suppose that, instead, $24.75 had been invested in an account that paid 3.75% interest each year. Find the balance in 2020

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  1. 21 August, 11:57
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    The balance in 2020 is $47,810,662.65576

    Step-by-step explanation:

    In order to find the balance in 2020, first we would have to calculate the number of year as follows:

    number of years, t=2020-1626

    number of years, t=394

    Therefore, to calculate the balance in 2020, we would have to use the following formula:

    f (t) = 24 (1.0375) ∧394

    f (t) = 24*1,992,110.94399

    f (t) = $47,810,662.65576

    The balance in 2020 is $47,810,662.65576
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