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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