It has long been told that the Dutch purchased Manhattan island in 1,626 for the value of 60 guilders ($24).Assuming that the Dutch invested this money into an account earning 5%,approximately how much would their investment be worth 380 years later in 2006?
A) $2.7 billion
B) $3.1 billion
C) $4.5 billion
D) $1.9 trillion

Question

Quizplus · Accepted Answer

A) FV = 24(1.05)³⁸⁰ = 2,704,860,602 or 2.7 billion

It Has Long Been Told That the Dutch Purchased Manhattan