Business, 10.10.2019 02:20 harlem3166

In 1626, dutchman peter minuit purchased manhattan island from a local native american tribe. historians estimate that the price he paid for the island was about $24 worth of goods, including beads, trinkets, cloth, kettles, and axe heads. many people find it laughable that manhattan island would be sold for $24, but you need to consider the future value (fv) of that price in more current times. if the $24 purchase price could have been invested at a 6% annual interest rate, what is its value as of 2018 (392 years later)?

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In 1626, dutchman peter minuit purchased manhattan island from a local native american tribe. histor...