DID YOU KNOW, in 1626, Peter Du Minuit traded beads and blanket (valued at $24) to the Native American inhabitants of Manhattan Island for the island. a) What would the investment be worth in 2016 if at that time the $24 had been invested at 6% simple interest?
1 answer:
Answer: $585.60
Step-by-step explanation:
The number of years that would have passed is;
= 2016 - 1626
= 390 years
Using simple interest, the investment will be worth;
= Principal * ( 1 + rate * number of years)
= 24 * (1 + 0.06* 390)
= $585.60
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