Question
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 7 percent per year, how much, approximately, would they have today?
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- \(P\) is the principal amount (the initial amount of money). - \(r\) is the annual interest rate (in decimal). - \(n\) is the number of years the money is invested for. Show more…
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According to an old myth, Native Americans sold the island of Manhattan about 400 years ago for s24 If they had invested this amount at an interest rate of 7 percent per year, how much, approximately, would they have today?
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