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22 May, 10:28

In 1626, peter Minuit purchased manhattan island from the Native Americans for $24 worth of trinkets and beads. Find what the $24 would be worth in the year 2014 if it had been deposited in a bank paying 5% interest compounded quarterly. (Round to the nearest dollar)

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  1. 22 May, 10:51
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    Hmm. 2005-1626=379 ... A = 24 (1 + 0.05/12) ... I know this sounds kinda weird but 3,917,360,753 ... ?
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