Question

In 1626, the Dutch bought Manhattan Island, now part of New York City, for $24 worth of merchandise. Suppose that, instead, $24 had been invested in an account that paid 3.5% interest each year. Find the balance in 2008.

Answer 1

\[2008-1626=382\] so your job is to compute
\[24\times (1.035)^{382}\]

Answer 2

it is a rather large number
\[12,229,955.10\] but probably not as much as it is worth now