In 1626, Peter Minuit purchased Manhattan Island from the Native Americans for $24 worth of trinkets and beads. Find what the $24 would be worth in the year 2000 if it had been deposited in a bank paying 5% interest compounded quarterly.
So i subtracted 2000 from 1626 that gave me 374 yrs and from there i plugged in
24(1 + 0.05/4)^4 X 374
and from there 24 (1 + 0.0125)^1496 power and that gave me
$2,826, 044, 162.00 -is that right? In 1626, Peter Minuit purchased Manhattan Island from the Native Americans for $24 worth of trinkets and beads. Find what the $24 would be worth in the year 2000 if it had been deposited in a bank paying 5% interest compounded quarterly.
So i subtracted 2000 from 1626 that gave me 374 yrs and from there i plugged in
24(1 + 0.05/4)^4 X 374
and from there 24 (1 + 0.0125)^1496 power and that gave me
$2,826, 044, 162.00 -is that right? @Mathematics

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