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Practice Question: It has long been told that the French purchased Manhattan island in 1626 for the...

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Finance

Practice Question:

It has long been told that the French purchased Manhattan islandin 1626 for the value of 60 guilders ($24). Assuming that theFrench invested this money into an account earning 5%,approximately how much would their investment be worth 380 yearslater in 2006?

A) $1.9 billion B) $2.7 billion C) $3.1 billion D) $4.5billion

Answer & Explanation Solved by verified expert
4.4 Ratings (643 Votes)
Solution The formula for calculating the future value of an Investment with compound Interest is P 1 rn n t Where P    See Answer
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