In 1626, the dutch bought manhattan island, now part of new york city, for $24 worth of merchandise. suppose that, instead, $24 had been invested in an account that paid 3.5% interest each year. find the balance in 2008.

The balance in 2008 is $12,229,955.10

Step-by-step explanation:

In 1626, the Dutch bought $24 worth of merchandise.

instead, $24 had been invested in an account that paid 3.5% interest each year, find the balance in 2008.

2008 - 1626 = 382 years

We calculate by compound interest formula :

A =

Where P = Principal amount ( $24)

           r = Rate of interest  3.5% ( 0.035 )

           t = 382 years

           n = number of compounding in a year ( 1 )

Now we put the values in formula

= 24 ( 1.035 )

= 24 (509581.462506)

= $12,229,955.10

The balance in 2008 is $12,229,955.10

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step-by-step explanation:

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