In 1627, an explorer convinced a group of indigenous peoples to sell him an island for $23. If the indigenous peoples had put the $23 into a bank account paying 8%, how much would the investment be worth in the year 2004 if the interest were compounded
a. quarterly?
b. continuously?
a. How much would the investment be worth if the money were compounded quarterly?
A.
$214,183,915,174,842
B.
$250,950,593,474,397
C.
$231,839,557,939,961
D.
$197,872,830,362,729