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Question 1194798: 4. In 1626 the Dutch bought the Island of Manhattan from the natives for beads worth $19. If the natives had received $19 in cash, instead of the beads, and had invested the money at 3 % /a compounded annually, what would the investment be worth on the anniversary date of the investment in the year 2016?
Answer by ikleyn(52803)   (Show Source):
You can put this solution on YOUR website! .
In 1626 the Dutch bought the Island of Manhattan from the natives for beads worth $19.
If the natives had received $19 in cash, instead of the beads, and had invested the money
at 3 % /a compounded annually, what would the investment be worth on the anniversary date
of the investment in the year 2016?
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Future value =  =  = 1928729.11 dollars.
Solved.
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To see other similar and different solved problems on discretely compounded accounts, look into these two lessons
- Compounded interest percentage problems
- Problems on discretely compound accounts
in this site, and learn the subject from there.
After reading these lessons, you will tackle such problems on your own without asking for help from outside.
Also, you have this free of charge online textbook in ALGEBRA-I in this site
- ALGEBRA-I - YOUR ONLINE TEXTBOOK.
The referred lessons are the part of this online textbook under the topic "Logarithms".
Save the link to this online textbook together with its description
Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson
to your archive and use it when it is needed.
Happy learning ( ! )
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