In 1626, Peter Minuit convinced the Wappinger Indians to sell him Manhattan Island for $24. If the Native Americans had put the $24 into a bank account paying 5% interest, how much would the investment have been worth in the year 2010 if interest were compounded a. monthly? b. continuously?

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section: Chapter Questions
Problem 22T
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In 1626, Peter Minuit convinced the Wappinger Indians to sell him Manhattan Island for $24. If the Native Americans had put the $24 into a bank account paying 5% interest, how much would the investment have been worth in the year 2010 if interest were compounded a. monthly? b. continuously?

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