There is much folklore regarding the purchase of an island in 1626 from a Native American tribe. Let's assume that the purchase price was $24. If that amount were placed in an account paying 4% annual interest and allowed to compound annually until 2021, how much would be in the account?
There is much folklore regarding the purchase of an island in 1626 from a Native American tribe. Let's assume that the purchase price was $24. If that amount were placed in an account paying 4% annual interest and allowed to compound annually until 2021, how much would be in the account?
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section7.8: Transforming Exponential Expressions
Problem 3PPS
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There is much folklore regarding the purchase of an island in 1626 from a Native American tribe. Let's assume that the purchase price was
$24.
If that amount were placed in an account paying
4%
annual interest and allowed to compound annually until
2021,
how much would be in the account?Question content area bottom
Part 1
There would be
$enter your response here
in the account.(Round to the nearest dollar as needed.)
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