answer quickly In 1626, Dutchman Peter Minuit purchased Manhattan Island from a local Native American tribe. Historians estimatethat the price he paid for the island was about $24 worth of goods, Indluding beads, trinkets, coth, kettles, and axeheads Many people find it laughable that Manhattan Island woukd be sold for $24, but yu need to consider thefuture value (FV) of that price in more cument times, If the $24 purchase price could have been Invested at a 4.25%annual interest rate, what is its value as of 2012 (386 years later)?O $300,708,524.86O $193,638,065.25O $261,990,911.810 1227,809.488.53

Here we calculate the future amount by using the formula which are as follow-

Answered: In 1626, Dutchman Peter Minuit…

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter18: Pricing The Factors Of Production

Section: Chapter Questions

Problem 4TY

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