(a) The purchase of Alaska cost the United States $7 million in 1869. If this money had been placed in a savings account paying 6% compounded annually, how much money would be available from this investment in 2015?
(b) If the $7 million earned 7% compounded annually since 1869, how much would be available in 2015?
(c) Do you think either amount would purchase Alaska in 2015? Explain in light of the value of
Alaska's resources or perhaps the price per acre of land.