SOLUTION: If the explorer Columbus could have invested $1 at 4% compound interest at the tine of discovery of the new world (1492) he would have x amount. Determine amount. Statement d

Question 1210365: If the explorer Columbus could have invested $1 at 4% compound interest at the tine of discovery of the new world (1492) he would have x amount. Determine amount.
Statement does not indicate how interest is compounded.
Year of book information was in - 1965.
4% = .04
1965 - 1492 = 473 years.
Not sure how to solve.

Answer by ikleyn(52776) (Show Source): You can put this solution on YOUR website!
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If the explorer Columbus could have invested $1 at 4% compound interest at the time
of discovery of the new world (1492) he would have x amount. Determine amount.
Statement does not indicate how interest is compounded.
Year of book information was in - 1965.
4% = .04
1965 - 1492 = 473 years.
Not sure how to solve.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

This problem is about one-time deposit of $1, compounded annually at the annual interest rate of 4%.


Use the standard formula for the future value

    FV = ,


where A is the initial principal, 

      r is the annual interest presented as a decimal,

      n is the number of years.


Substitute the given values into the formula and get the future value

    FV =  = 113,964,473.46  dollars.    <<<---===  ANSWER

Solved.

For whole history about Cristopher Columbus, his life, ideas and voyages, read this Wikipedia article
https://en.wikipedia.org/wiki/Christopher_Columbus

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