The island of Manhattan was sold for $24 in 1626. Suppose the money had been invested in
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The island of Manhattan was sold for $24 in 1626. Suppose the money had been invested in an account which compounded interest continuously.
(a) How much money would be in the account in the year 2012 if the yearly interest rate was
(i) 5%?
(ii) 7%?
(b) If the yearly interest rate was 6%, in what year would the account be worth one billion dollars?
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Related Book For
Applied Calculus
ISBN: 9781119275565
6th Edition
Authors: Deborah Hughes Hallett, Patti Frazer Lock, Andrew M. Gleason, Daniel E. Flath, Sheldon P. Gordon, David O. Lomen, David Lovelock, William G. McCallum, Brad G. Osgood, Andrew Pasquale
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