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According to an old myth, Native Americans sold the island of Manhattan about 400 years ago for $24. If they had invested this amount at an interest rate of 6 percent per year, approximately how much would they have had today

Respuesta :

Answer:

$3,180,953,609,845.413

Explanation:

The computation is shown below:

Given that

Number of years = 400

Sale value = $24

Rate of interest = 6 percent

So the today amount is

= Sale value of the island × (1 + interest rate)^number of years

= $24 × (1.06)^(400)

= $24 × 13253973743.5589

= $3,180,953,609,845.413

We simply applied the above formula

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