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Alekssandra [29.7K]
3 years ago
6

According to an old myth, native americans sold the island of manhattan about 400 years ago for $24. if they had invested this a

mount at an interest rate of 7 percent per year, approximately how much would they have had today? $3.6 billion $13.6 trillion $2,030 $10,272
Business
1 answer:
Leya [2.2K]3 years ago
7 0

Answer:

The correct choice from given options is <u>"$13.6 trillion".</u>

Explanation:

Native Americans sold the island of Manhattan about 400 years ago for $24

n = number of years = 400

Amount spent on island = $24

Interest rate of invested amount = 7 percent per year

r = 7% = 0.07

cost today  = ?

By using the formula;

Cost today= (1+r)ⁿ x Amount spent on island

= (1+0.07)⁴⁰⁰ x $24

<u>= $13.6 trillion</u>

<u></u>

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