The purchase price of an acre of land in the Louisiana purchase in 1803 was about 5 cents. Suppose the value of this property grew at an annual rate of 5.1% compounded annually. What would an acre of land be worth in 2016?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
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Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
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The purchase price of an acre of land in the Louisiana purchase in 1803 was about 5 cents. Suppose the value of this property grew at an annual rate of 5.1% compounded annually. What would an acre of land be worth in
2016?
$
Transcribed Image Text:The purchase price of an acre of land in the Louisiana purchase in 1803 was about 5 cents. Suppose the value of this property grew at an annual rate of 5.1% compounded annually. What would an acre of land be worth in 2016? $
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